<SEC-DOCUMENT>0001144204-12-014991.txt : 20120315
<SEC-HEADER>0001144204-12-014991.hdr.sgml : 20120315
<ACCEPTANCE-DATETIME>20120315060338
ACCESSION NUMBER:		0001144204-12-014991
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120315
DATE AS OF CHANGE:		20120315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDC PARTNERS INC
		CENTRAL INDEX KEY:			0000876883
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				980364441
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		12691981

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORP INC
		DATE OF NAME CHANGE:	20001204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19961028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>v303734_10k.htm
<DESCRIPTION>10-K
<TEXT>
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<DIV  STYLE="width: 100%; display: inline; vertical-align: middle; border-top: 4pt black double">&nbsp;</DIV><H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">UNITED STATES<BR> SECURITIES AND EXCHANGE COMMISSION<BR> Washington, D.C. 20549 </H1>


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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">FORM 10-K </H1>


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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)<BR> OF THE SECURITIES EXCHANGE ACT OF 1934 </H1>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the Fiscal Year Ended December 31, 2011 </H1>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Commission File Number 001-13178 </H1>


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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 18pt; line-height: 20pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. </H1>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 8pt; line-height: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(Exact Name of Registrant as Specified in Its Charter) </P>

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<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="708" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="line-height: 12pt; vertical-align: text-bottom; font-weight: bold; font-size: 10pt; text-align: center" ROWSPAN=1 COLSPAN=1>Canada</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: 12pt; vertical-align: text-bottom; font-weight: bold; font-size: 10pt; text-align: center" ROWSPAN=1 COLSPAN=1>98-0364441</TD>

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          <TD STYLE="padding-left: 0pt; text-indent: 0pt" ROWSPAN=1 COLSPAN=1>(State or Other Jurisdiction of<BR> Incorporation or Organization)</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">(I.R.S. Employer<BR> Identification Number)</TD>

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</TABLE></DIV>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">745 Fifth Avenue,<BR> New York, NY, 10151<BR> (646) 429-1800 </H1>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 8pt; line-height: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&#146;s Principal Executive Offices) </P>


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<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section 12(b) of the Act: </P>

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<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="682" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Title of Each Class</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Name of Each Exchange on Which Registered</TD>

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          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>Class A Subordinate Voting Shares, no par value</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">NASDAQ; Toronto Stock Exchange</TD>

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<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section 12(g) of the Act: <B>None</B>. </P>


<DIV ALIGN="CENTER"><BR><IMG SRC="line.gif" ALIGN="MIDDLE" STYLE="width: 180px; height: 1pt; text-align: center"><BR>&nbsp;</DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes <FONT STYLE="font-family: wingdings">o</font> No <FONT STYLE="font-family: wingdings">x</font> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes <FONT STYLE="font-family: wingdings">o</font> No <FONT STYLE="font-family: wingdings">x</font> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes <FONT STYLE="font-family: wingdings">x</font> No <FONT STYLE="font-family: wingdings">o</font> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes <FONT STYLE="font-family: wingdings">x</font> No <FONT STYLE="font-family: wingdings">o</font> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. <FONT STYLE="font-family: wingdings">o</font> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. (Check one): </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="682" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="157"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="168"></TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Large Accelerated Filer <FONT STYLE="font-family: wingdings">o</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Accelerated Filer <FONT STYLE="font-family: wingdings">x</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Non-Accelerated <FONT STYLE="font-family: wingdings">o</font></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Smaller reporting company <FONT STYLE="font-family: wingdings">o</font></TD>

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</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes <FONT STYLE="font-family: wingdings">o</font> No <FONT STYLE="font-family: wingdings">x</font> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The aggregate market value of the shares of all classes of voting and non-voting common stock of the registrant held by non-affiliates as of June 30, 2011 was approximately $446.5 million, computed upon the basis of the closing sales price ($17.56/share) of the Class A subordinate voting shares on that date. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of March 1, 2012, there were 30,914,811 outstanding shares of Class A subordinate voting shares without par value, and 2,503 outstanding shares of Class B multiple voting shares without par value, of the registrant.</P>

<DIV STYLE="width: 100%; display: inline; vertical-align: middle; border-top: 4pt black double">&nbsp;</DIV></DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#TOC"></a>MDC PARTNERS INC.<BR>&nbsp;&nbsp;<BR>TABLE OF CONTENTS </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="40"></TD>

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<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Page</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>PART I<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tBUS"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 1.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Business</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tBUS">1</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tRF"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 1A.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Risk Factors</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tRF">8</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tUSC"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 1B.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Unresolved Staff Comments</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tUSC">13</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tPROP"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 2.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Properties</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tPROP">13</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tLP"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 3.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Legal Proceedings</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tLP">13</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tMSD"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 4.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Mine Safety Disclosures</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tMSD">13</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>PART II<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tMRCE"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 5.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Market for Registrant&#146;s Common Equity and Related Stockholder Matters</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tMRCE">14</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSFD"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 6.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Selected Financial Data</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tSFD">16</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tMDAFC"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 7.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tMDAFC">18</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tQQDAMR"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 7A.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Quantitative and Qualitative Disclosures About Market Risk</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tQQDAMR">40</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tFSSD"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 8.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Financial Statements and Supplementary Data</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tFSSD">41</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tDDAAFD"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 9.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tDDAAFD">92</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tCP"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 9A.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Controls and Procedures</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tCP">92</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tOI"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 9B.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Other Information</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tOI">94</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=5>PART III<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tDEO"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 10.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Directors, Executive Officers and Corporate Governance</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tDEO">95</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tEC"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 11.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Executive Compensation</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tEC">96</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSOCBO"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 12.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tSOCBO">96</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tCRRT"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 13.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Certain Relationships and Related Transactions, and Director Independence</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tCRRT">96</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tPAFS"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 14.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Principal Accountant Fees and Services</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tPAFS">96</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tEFSS"><P STYLE="padding-left: 50pt; text-indent: -50pt; margin-bottom: -12pt">Item 15.</P><P STYLE="margin-top: 0pt; padding-left: 50pt">Exhibits and Financial Statements Schedules</P></a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tEFSS">97</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#tSIG">Signatures</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#tSIG">99</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
i
<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">References in this Annual Report on Form 10-K to &#147;MDC Partners&#148;, &#147;MDC&#148;, the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to MDC Partners Inc. and, unless the context otherwise requires or otherwise is expressly stated, its subsidiaries. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">All dollar amounts are stated in US dollars unless otherwise stated. </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">DOCUMENTS INCORPORATED BY REFERENCE </H1>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following sections of the Proxy Statement for the Annual Meeting of Stockholders to be held on June 5, 2012, are incorporated by reference in Parts I and III: &#147;Election of Directors,&#148; &#147;Section 16(a) Beneficial Ownership Reporting Compliance,&#148; &#147;Executive Compensation,&#148; &#147;Report of the Human Resources &amp; Compensation Committee on Executive Compensation,&#148; &#147;Outstanding Shares,&#148; &#147;Appointment of Auditors,&#148; and &#147;Certain Relationships and Related Transactions&#148;. </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">AVAILABLE INFORMATION </H1>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Information regarding the Company&#146;s Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to these reports, will be made available, free of charge, at the Company&#146;s website at <I>http://www.mdc-partners.com</I>, as soon as reasonably practicable after the Company electronically files such reports with or furnishes them to the Securities and Exchange Commission (&#147;SEC&#148;). The information found on, or otherwise accessible through, the Company&#146;s website is not incorporated into, and does not form a part of, this Annual Report or Form 10-K. Any document that the Company files
with the SEC may also be read and copied at the SEC&#146;s public reference room located at 100 F. Street, N.E., Washington, DC 20549. Please call the SEC at 1 (800) SEC-0330 for further information on the public reference room. The Company&#146;s filings are also available to the public from the SEC&#146;s website at <I>http://www.sec.gov.</I> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s Code of Conduct, Whistleblower Policy, and each of the charters for the Audit Committee, Human Resources &amp; Compensation Committee and the Nominating and Corporate Governance Committee, are available free of charge on the Company&#146;s website at <I>http://www.mdc-partners.com</I> or by writing to MDC Partners Inc., 745 Fifth Avenue, New York, NY 10151, Attention: Investor Relations. </P>

</DIV>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">FORWARD-LOOKING STATEMENTS </H1>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">This document contains forward-looking statements. The Company&#146;s representatives may also make forward-looking statements orally from time to time. Statements in this document that are not historical facts, including statements about the Company&#146;s beliefs and expectations, recent business and economic trends, potential acquisitions, estimates of amounts for deferred acquisition consideration and &#147;put&#148; option rights, constitute forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">risks associated with severe effects of international, national and regional economic conditions; </TD>

</TR>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">the Company&#146;s ability to attract new clients and retain existing clients; </TD>

</TR>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">the spending patterns and financial success of the Company&#146;s clients; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">the Company&#146;s ability to retain and attract key employees; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">the Company&#146;s ability to remain in compliance with its debt agreements and the Company&#146;s ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to &#147;put&#148; option rights and deferred acquisition consideration; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">the successful completion and integration of acquisitions which complement and expand the Company&#146;s business capabilities; and </TD>

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          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">foreign currency fluctuations. </TD>

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<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s business strategy includes ongoing efforts to engage in material acquisitions of ownership interests in entities in the marketing communications services industry. The Company intends to finance these acquisitions by using available cash from operations, from borrowings under its WF Credit Agreement and through incurrence of bridge or other debt financing, any of which may increase the Company&#146;s leverage ratios, or by issuing equity, which may have a dilutive impact on existing shareholders proportionate ownership. At any given time, the Company may be engaged in a number of discussions that may result in one or more material
acquisitions. These opportunities require confidentiality and may involve negotiations that require quick responses by the Company. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of the Company&#146;s securities. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investors should carefully consider these risk factors and the additional risk factors outlined in more detail in this Annual Report on Form 10-K under the caption &#147;Risk Factors&#148; and in the Company&#146;s other SEC filings. </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SUPPLEMENTARY FINANCIAL INFORMATION </H1>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company reports its financial results in accordance with generally accepted accounting principles (&#147;GAAP&#148;) of the United States of America (&#147;US GAAP&#148;). However, the Company has included certain non-US GAAP financial measures and ratios, which it believes, provide useful information to both management and readers of this report in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed by US GAAP and, therefore, may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an
alternative to other titled measures determined in accordance with US GAAP.</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART I </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tBUS"></a>Item 1. Business </H2>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">BUSINESS </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC was formed by Certificate of Amalgamation effective December 19, 1986, pursuant to the Business Corporations Act (Ontario). Effective December 19, 1986, MDC amalgamated with Branbury Explorations Limited, and thereby became a public company operating under the name of MDC Corporation. On May 28, 1996, MDC changed its name to MDC Communications Corporation and, on May 29, 1999, it changed its name to MDC Corporation Inc. On July 31, 2003, MDC acquired the remaining 26% of Maxxcom Inc. (&#147;Maxxcom&#148;) that it did not already own, privatizing the now wholly-owned subsidiary and merging Maxxcom&#146;s corporate functions with MDC&#146;s
existing corporate functions. On January 1, 2004, MDC changed its name to its current name, MDC Partners Inc., and on June 28, 2004, MDC was continued under Section 187 of the Canada Business Corporations Act. MDC&#146;s registered address is located at 45 Hazelton Avenue, Toronto, Ontario, M5R 2E3, and head office address is located at 745 Fifth Avenue, New York, NY 10151. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC is a leading provider of marketing communications services to customers globally. MDC has operating units in the United States, Canada, Europe, and the Caribbean. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s subsidiaries provide a comprehensive range of marketing communications and consulting services, including advertising, interactive and mobile marketing, direct marketing, database and customer relationship management, sales promotion, corporate communications, market research, corporate identity, design and branding, social media and marketing, ecommerce and other related services. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Part I&nbsp;&#151;&nbsp;Business </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s strategy is to build, grow and acquire market-leading businesses that deliver innovative, value-added marketing communications and strategic consulting services to their clients. MDC Partners strives to be a partnership of marketing communications and consulting companies (or Partners) whose strategic, creative and innovative solutions are media-agnostic, challenge the status quo and achieve measurable superior returns on investment for clients and stakeholders. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s Corporate Group ensures that MDC is the most Partner-responsive marketing services network through its strategic mandate to help Partner firms find clients, talent and tuck under acquisitions, as well as cross-sell services and enhance their culture for innovation and growth. MDC&#146;s Corporate Group also works directly with Partner firms to expand their offerings through new strategic services, as well as leverage the collective expertise and scale of the group as a whole. The Corporate Group uses this leverage to provide various shared services to help reduce costs across the group. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The MDC model is driven by three key elements: </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Perpetual Partnership.</I>&nbsp;&nbsp;The perpetual partnership creates ongoing alignment of interests to drive performance. The perpetual partnership model functions by (1) identifying the &#145;right&#146; Partners with a sustainable differentiated position in the marketplace; (2) creating the &#145;right&#146; Partnership structure generally by taking a majority ownership position and leaving a substantial noncontrolling equity or economic ownership position in the hands of operating management to incentivize long-term growth; (3) providing access to more resources and leveraging the network&#146;s scale; and (4) focusing on delivering
financial results. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Entrepreneurialism.</I>&nbsp;&nbsp;Entrepreneurial spirit is optimized by creating customized solutions to support and grow our businesses. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Human and Financial Capital.</I>&nbsp;&nbsp;The model balances accountability with financial flexibility to support growth. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC operates through &#147;Partner&#148; companies within the following reportable segments: </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Strategic Marketing Services </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Strategic Marketing Services segment generally consists of firms that offer a full suite of integrated marketing communication and consulting services, including advertising and media, interactive marketing, direct marketing, public relations, corporate communications, market research, corporate identity and branding, and sales promotion to national and global clients. The Strategic Marketing Services segment is comprised of the following agencies: 72andSunny; Allison &amp; Partners; Anomaly; Attention; Bruce Mau Design; Capital C Partners; Colle + McVoy; Concentric Partners; Crispin Porter + Bogusky; Crispin Porter + Bogusky Canada; Hello
Design; henderson bas kohn; HL Group Partners; kirshenbaum bond senecal + partners; Kbs+p Canada; Kwittken; Laird + Partners; The Media Kitchen; Mono Advertising; Redscout; Sloane &amp; Company; Varick Media Management; Veritas Communications; Vitro and Yamamoto. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Performance Marketing Services </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Performance Marketing Services segment includes firms that provide consumer insights to satisfy the growing need for targetable, measurable solutions or cost effective means of driving return on marketing investment and growth for regional, national and global clients. The Performance Marketing Services segment is comprised of the following agencies: 6degrees Communications; Accent; AIC Publishing; Boom Marketing; Bryan Mills Iradesso; Communifx Partners; Computer Composition; Hudsun Media; Integrated Media Solutions; Kenna Communications; Northstar Research Partners; Onbrand; Relevent; RJ Palmer; Source Marketing; TargetCom; Team and Trade X.
</P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Ownership Information </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table includes certain information about MDC&#146;s operating subsidiaries as of December 31, 2011. The &#147;Put and Call Options&#148; information represents existing contractual rights. Owners of interests in certain subsidiaries have the right in certain circumstances to require MDC to acquire additional ownership interests held by them. The owners&#146; ability to exercise any such &#147;put&#148; option right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of
these rights at their earliest contractual date would result in obligations of MDC to fund the related amounts during the periods described in the accompanying notes. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights. The amount payable by MDC in the event such rights are exercised is dependent on defined valuation formulas and on future events, such as the average earnings of the relevant subsidiary through the date of exercise, the growth rate of the earnings of the relevant subsidiary during that period, and, in some cases, the currency exchange rate at the date of payment. See also &#147;Management&#146;s Discussion and Analysis&nbsp;&#151;&nbsp;Other-Balance Sheet Commitments&nbsp;&#151;&nbsp;Put Rights of Subsidiaries&#146; Noncontrolling Shareholders&#148; for further discussion. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Put options represent puts of ownership interests by other interest holders to MDC with reciprocal call rights held by MDC for the same ownership interests with similar terms. The percentages shown represent the potential ownership interest MDC could achieve in each company assuming that the remaining equity holder(s) were to fully exercise their put option rights at the earliest opportunity. </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>% Owned at<BR>12/31/11</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=2><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=2 COLSPAN=3>Year of<BR>Initial<BR>Investment</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Put/Call Options</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black"  ROWSPAN=1 COLSPAN=1>Company</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Thereafter</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=7><FONT STYLE="font-weight: normal">(See Notes)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-style: italic" ROWSPAN=1 COLSPAN=1>Consolidated:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Strategic Marketing Services<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>72andSunny</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Allison &amp; Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Anomaly</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Attention</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2009</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bruce Mau Design</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital C Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Colle + McVoy</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1999</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 6</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Concentric Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Crispin Porter + Bogusky</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2001</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 8</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hello Design</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>henderson bas kohn</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>HL Group Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65.9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2007</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72.4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>kirshenbaum bond senecal + partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 10</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>The Media Kitchen</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Varick Media Management</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kwittken</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 11</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Laird + Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 12</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Mono Advertising</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>49.9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 13</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Redscout</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2007</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 14</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Skinny NYC</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50.1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2008</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 15</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Sloane &amp; Company</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 16</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Veritas Communications</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1993</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95.1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vitro</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>82.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2004</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>97.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 18</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Yamamoto</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Performance Marketing Services<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>6degrees Communications</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1993</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 19</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accent</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1999</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>AIC Publishing</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Boom Marketing</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2005</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Bryan Mills Iradesso</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>62.8</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1989</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Communifx Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>84.6</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 21</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computer Composition</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1988</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Hudson Media</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Integrated Media Solutions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 22</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Kenna Communications</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 23</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Northstar Research Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91.8.%</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1998</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 24</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Onbrand</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1992</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Relevent</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>RJ Palmer</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Source Marketing</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1998</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 25</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TargetCom</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>TEAM</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 26</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Trade X</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>Note 27</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Notes</B> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in 72andSunny Partners LLC through acquisition of an incremental interest of up to 100% in 2016. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(2)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in Allison &amp; Partners LLC through acquisition of an incremental interest, and other holders have the right to put only upon termination to MDC the same incremental interest up to 100% of this entity in 2015. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(3)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in Anomaly Partners LLC through acquisition of an incremental interest of up to 100% in 2015. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(4)</TD>

          <TD STYLE="text-align: left">Attention Partners LLC is owned by HL Group Partners, LLC. HL Group Partners, LLC has the right to increase its ownership in Attention Partners, LLC through acquisitions of incremental interests, and the other interest holders has the right to put to HL Group Partners, LLC the same incremental interests up to 100% only upon termination. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(5)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in Capital C Partners LP through acquisition of an incremental interest, up to 90% in 2015, and up to 100% in 2017. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(6)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its economic ownership in Colle + McVoy, LLC through acquisition of an incremental interest, and the other interest holder has the right to put to MDC the same incremental interest, up to 100% of this entity in 2012. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(7)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Concentric Partners LLC through acquisition of an incremental interest of up to 100% in 2016. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(8)</TD>

          <TD STYLE="text-align: left">Includes Crispin Porter &amp; Bogusky LLC, Crispin Porter &amp; Bogusky Canada LP, and certain other domestic and international operating subsidiaries. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(9)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in HL Group Partners, LLC through acquisitions of incremental interests, and the other interest holders have the right to put to MDC the same incremental interests, up to 72.4% of this entity in 2012, up to 82.62% in 2013 and up to 93.73% in 2014. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(10)</TD>

          <TD STYLE="text-align: left">Consists of Kirshenbaum Bond Senecal + Partners LLC, Kwittken PR LLC, Varick Media Management LLC, certain other domestic and international operating subsidiaries, and The Media Kitchen, a division of kirshenbaum bond senecal + partners. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(11)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Kwittken PR LLC through acquisitions of incremental interests, up to 100% of this entity in 2015. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(12)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Laird + Partners New York LLC through acquisition of an incremental interest of up to 100% in 2016. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(13)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Mono Advertising, LLC through acquisitions of incremental interests, and the other interest holders have the right to put to MDC the same incremental interests, up to 65.0% of this entity in 2012, up to 70.0% in 2013 and up to 75.0% in 2014. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(14)</TD>

          <TD STYLE="text-align: left">During 2011, MDC increased its economic ownership in Redscout, LLC through acquisition of an incremental interest. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(15)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Skinny NYC, LLC through acquisition of incremental interests, and the other interest holders have the right to put to MDC the same incremental interest, up to 60.1% of this entity in 2014, up to 70.1% of this entity in 2015 and up to 80.1% of this entity in 2016. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(16)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in Sloane &amp; Company LLC through acquisition of incremental interests, and other interest holders have the right to put to MDC the same incremental interests up to 100% in 2015. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(17)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Veritas Communications Inc. through acquisitions of incremental interests, and the other interest holders have the right to put to MDC the same incremental interests, up to 95.1% of this entity in 2012 and up to 100% in 2013. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(18)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Vitro Robertson, LLC through acquisition of an incremental interest, and the other interest holder has the right to put to MDC the same incremental interests, up to 97.5% of this entity in 2012 and up to 100% in 2013. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(19)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in 6degrees Integrated Communications Corp. through acquisitions of incremental interests, and the other interest holders have the right to put to MDC the same incremental interests up to 77.3% of this entity in 2012. MDC&#146;s current economic interest is 53.3%. </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(20)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Bryan Mills Iradesso, Corp. through acquisition of an incremental interest, and the other interest holders have the right to put to MDC the same incremental interest, up to 100% of this entity in 2012. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(21)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Communifx Partners, LLC through acquisitions of incremental interests, and the other interest holders have the right to put to MDC the same incremental interests, up to 100% of this entity in 2013. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(22)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in Integrated Media Solutions Partners LLC through acquisitions of incremental interests, up to 100% of this entity in 2015. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(23)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in Kenna Communications LP through acquisition of an incremental interest, up to 100% in 2015. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(24)</TD>

          <TD STYLE="text-align: left">The Northstar Research Partners consists of Northstar Research Holdings USA LP and Northstar Research Holdings Canada Inc. MDC has the right to increase its ownership in Northstar Research Canada through acquisitions of incremental interests, and the other holders have the right to put to MDC the same incremental interests, up to 100% of this entity in 2013. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(25)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership in Source Marketing, LLC through acquisitions of incremental interests, and the other interest holders have the right to put to MDC the same incremental interests up to 91.3% of this entity in 2012 and 100% in 2013. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(26)</TD>

          <TD STYLE="text-align: left">TEAM consists of The Arsenal LLC (f/k/a Team Holdings LLC) and its wholly-owned subsidiaries. MDC has the right to increase its ownership in The Arsenal, LLC, through acquisition of an incremental interest, up to 100% of this entity in 2013. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(27)</TD>

          <TD STYLE="text-align: left">MDC has the right to increase its ownership interest in Trade X Partners LLC through acquisitions of incremental interests up to 100% in 2015. </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">5</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Financial Information Relating to Business Segments and Geographic Regions </H1>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For financial information relating to the Company&#146;s Marketing Communications Businesses and the geographic regions the businesses operate within, refer to Note 16 (Segmented Information) of the notes to the consolidated financial statements included in this Annual Report and to &#147;Item 7. Management&#146;s Discussion and Analysis&#148; for further discussion. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Competition </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In the competitive, highly fragmented marketing and communications industry, the Company&#146;s operating companies compete for business with the operating subsidiaries of large global holding companies such as Omnicom Group Inc., Interpublic Group of Companies, Inc., WPP Group plc, Publicis Group SA and Havas Advertising. These global holding companies generally have greater resources than those available to MDC and its subsidiaries, and such resources may enable them to aggressively compete with the Company&#146;s marketing communications businesses. Each of MDC&#146;s operating companies also faces competition from numerous independent agencies
that operate in multiple markets. MDC&#146;s operating companies must compete with these other companies to maintain existing client relationships and to obtain new clients and assignments. MDC&#146;s operating companies compete at this level by providing clients with marketing ideas and strategies that are focused on increasing clients&#146; revenues and profits. These existing and potential clients include multinational corporations and national companies with mid-to-large sized marketing budgets. MDC also benefits from cooperation among the operating companies through referrals and the sharing of both services and expertise, which enables MDC to service clients&#146; varied marketing needs by crafting custom integrated solutions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A partner agency&#146;s ability to compete for new clients is affected in some instances by the policy, which many advertisers and marketers impose, of not permitting their agencies to represent competitive accounts in the same market. In the vast majority of cases, however, MDC&#146;s consistent maintenance of separate, independent operating companies has enabled MDC to represent competing clients across its network. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Industry Trends </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Historically, advertising has been the primary service provided by the marketing communications industry. However, as clients aim to establish one-to-one relationships with customers, and more accurately measure the effectiveness of their marketing expenditures, specialized and digital communications services and database marketing and analytics are consuming a growing portion of marketing dollars. The Company believes this is increasing the demand for a broader range of non-advertising marketing communications services (i.e., direct marketing, sales promotion, interactive, public relations, etc). The notion of a mass market audience is giving way to
life-style segments, social events/networks, and online/mobile communities, each segment requiring a different message and/or different, often non-traditional, channels of communication. Global marketers now seek innovative ideas wherever they can find them, providing new opportunities for small to mid-sized communications companies. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Clients </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company serves clients in virtually every industry, and in many cases, the same clients in various locations. Representation of a client rarely means that MDC handles marketing communications for all brands or product lines of the client in every geographical location. MDC&#146;s agencies have written contracts with many of their clients. As is customary in the industry, these contracts provide for termination by either party on relatively short notice. See &#147;Management&#146;s Discussion and Analysis&nbsp;&#151;&nbsp;Executive Overview&#148; for a further discussion of MDC&#146;s arrangements with its clients. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2011, 2010 and 2009, the Company&#146;s largest client, Sprint, accounted for approximately 6%, 8% and 16% of revenues, respectively. In addition, MDC&#146;s ten largest clients (measured by revenue generated) accounted for 29%, 37% and 49% of 2011, 2010 and 2009 revenues, respectively. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">6</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Employees </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011, MDC and its subsidiaries had the following number of employees within its reportable segments: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Segment</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Strategic Marketing Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,779</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Performance Marketing Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,986</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Corporate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>45</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,810</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See Management&#146;s Discussion and Analysis for a discussion of the effect of cost of services sold on MDC&#146;s historical results of operations. Because of the personal service character of the marketing communications businesses, the quality of personnel is of crucial importance to MDC&#146;s continuing success. MDC considers its relations with employees to be satisfactory. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effect of Environmental Laws </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC believes it is substantially in compliance with all regulations concerning the discharge of materials into the environment, and such regulations have not had a material effect on the capital expenditures or operations of MDC. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7</P>

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tRF"></a>Item 1A. Risk Factors </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following factors could adversely affect the Company&#146;s revenues, results of operations or financial condition. See also &#147;Statement Regarding Forward-Looking Disclosure.&#148; </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Future economic and financial conditions could adversely impact our financial condition and results. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Economic and financial conditions deteriorated sharply in the latter part of 2008, and these deteriorating conditions continued in 2009 and 2010. In 2011, the United States experienced modest economic growth, but the pace of the global economic recovery is uneven and a future economic downturn could renew reductions in client spending levels and adversely affect our results of operations and financial position in 2012. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>a. As a marketing services company, our revenues are highly susceptible to declines as a result of unfavorable economic conditions.</I> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Global economic conditions affect the advertising and marketing services industry more severely than other industries. In the past, some clients have responded to weakening economic conditions with reductions to their marketing budgets, which include discretionary components that are easier to reduce in the short term than other operating expenses. This pattern may recur in the future. Decreases in our revenue would negatively affect our financial results, including a reduction of our estimates of free cash flow from operations. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>b. If our clients experience financial distress, their weakened financial position could negatively affect our own financial position and results.</I> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have a diverse client base, and at any given time, one or more of our clients may experience financial difficulty, file for bankruptcy protection or go out of business. The unfavorable economic and financial conditions that have impacted many sectors of the global economy could result in an increase in client financial difficulties that affect us. The direct impact on us could include reduced revenues and write-offs of accounts receivable. If these effects were severe, the indirect impact could include impairments of goodwill, covenant violations relating to the WF Credit Agreement or the 11% Notes, or reduced liquidity. Our 10 largest clients
(measured by revenue generated) accounted for 29% of revenue in 2011. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>c. Conditions in the credit markets could adversely impact our results of operations and financial position.</I> </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Turmoil in the credit markets or a contraction in the availability of credit would make it more difficult for businesses to meet their capital requirements and could lead clients to change their financial relationship with their vendors, including us. If that were to occur, it could materially adversely impact our results of operations and financial position. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC competes for clients in highly competitive industries. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company operates in a highly competitive environment in an industry characterized by numerous firms of varying sizes, with no single firm or group of firms having a dominant position in the marketplace. MDC is, however, smaller than several of its larger industry competitors. Competitive factors include creative reputation, management, personal relationships, quality and reliability of service and expertise in particular niche areas of the marketplace. In addition, because a firm&#146;s principal asset is its people, barriers to entry are minimal, and relatively small firms are, on occasion, able to take all or some portion of a client&#146;s
business from a larger competitor. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">While many of MDC&#146;s client relationships are long-standing, companies put their advertising and marketing services businesses up for competitive review from time to time, including at times when clients enter into strategic transactions. From year to year, the identities of MDC&#146;s 10 largest customers may change, as a result of client losses and additions and other factors. To the extent that the Company fails to maintain existing clients or attract new clients, MDC&#146;s business, financial condition and operating results may be affected in a materially adverse manner. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">8</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The loss of lines of credit under our WF Credit Agreement could adversely affect MDC&#146;s liquidity and our ability to implement MDC&#146;s acquisition strategy and fund any put options if exercised. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC uses amounts available under the WF Credit Agreement, together with cash flow from operations, to fund its working capital needs, to fund the exercise of put option obligations and to fund our strategy of making selective acquisitions of ownership interests in entities in the marketing communications services industry. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company is currently in compliance with all of the terms and conditions of the WF Credit Agreement. If, however, events were to occur, which result in MDC losing all or a substantial portion of its available credit under the WF Credit Agreement, or if MDC was prevented from accessing such lines of credit due to other restrictions such as those in the 11% Notes, MDC could be required to seek other sources of liquidity. In addition, if MDC were unable to replace this source of liquidity, then MDC&#146;s ability to fund its working capital needs and any contingent obligations with respect to put options would be materially adversely affected. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC may not realize the benefits it expects from past acquisitions or acquisitions MDC may make in the future. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s business strategy includes ongoing efforts to engage in material acquisitions of ownership interests in entities in the marketing communications services industry. MDC intends to finance these acquisitions by using available cash from operations and through incurrence of debt or bridge financing, either of which may increase its leverage ratios, or by issuing equity, which may have a dilutive impact on its existing shareholders. At any given time MDC may be engaged in a number of discussions that may result in one or more material acquisitions. These opportunities require confidentiality and may involve negotiations that require quick
responses by MDC. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transactions, the announcement of any such transaction may lead to increased volatility in the trading price of its securities. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The success of acquisitions or strategic investments depends on the effective integration of newly acquired businesses into MDC&#146;s current operations. Such integration is subject to risks and uncertainties, including realization of anticipated synergies and cost savings, the ability to retain and attract personnel and clients, the diversion of management&#146;s attention from other business concerns, and undisclosed or potential legal liabilities of the acquired company. MDC may not realize the strategic and financial benefits that it expects from any of its past acquisitions, or any future acquisitions. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s business could be adversely affected if it loses key clients. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s strategy has been to acquire ownership stakes in diverse marketing communications businesses to minimize the effects that might arise from the loss of any one client or executive. The loss of one or more clients could materially affect the results of the individual operating companies and the Company as a whole. Management succession at our operating units is very important to the ongoing results of the Company because, as in any service business, the success of a particular agency is dependent upon the leadership of key executives and management personnel. If key executives were to leave our operating units, the relationships that MDC has
with its clients could be adversely affected. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s ability to generate new business from new and existing clients may be limited. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">To increase its revenues, MDC needs to obtain additional clients or generate demand for additional services from existing clients. MDC&#146;s ability to generate initial demand for its services from new clients and additional demand from existing clients is subject to such clients&#146; and potential clients&#146; requirements, pre-existing vendor relationships, financial condition, strategic plans and internal resources, as well as the quality of MDC&#146;s employees, services and reputation and the breadth of its services. To the extent MDC cannot generate new business from new and existing clients due to these limitations. MDC&#146;s ability to
grow its business and to increase its revenues will be limited. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s business could be adversely affected if it loses or fails to attract key employees. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Employees, including creative, research, media, account and practice group specialists, and their skills and relationships with clients, are among MDC&#146;s most important assets. An important aspect of MDC&#146;s competitiveness is its ability to retain key employee and management personnel. Compensation for these key employees is an essential factor in attracting and retaining them, and MDC may not offer a level of compensation sufficient to attract and retain these key employees. If MDC fails to hire and retain a sufficient number of these key employees, it may not be able to compete effectively. If key executives were to leave our operating
units, the relationships that MDC has with its clients could be adversely affected. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC is exposed to the risk of client defaults. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s agencies often incur expenses on behalf of their clients for productions in order to secure a variety of media time and space, in exchange for which they receive a fee. The difference between the gross cost of the production and media and the net revenue earned by us can be significant. While MDC takes precautions against default on payment for these services (such as credit analysis and advance billing of clients) and has historically had a very low incidence of default, MDC is still exposed to the risk of significant uncollectible receivables from our clients. The risk of a material loss could significantly increase in periods of severe
economic downturn. Such a loss could have a material adverse effect on our results of operations and financial position. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s results of operations are subject to currency fluctuation risks. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Although MDC&#146;s financial results are reported in U.S. dollars, a portion of its revenues and operating costs are denominated in currencies other than the US dollar. As a result, fluctuations in the exchange rate between the U.S. dollar and other currencies, particularly the Canadian dollar, may affect MDC&#146;s financial results and competitive position. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Goodwill and intangible assets may become impaired. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have recorded a significant amount of goodwill and intangible assets in our consolidated financial statements in accordance with U.S. GAAP resulting from our acquisition activities, which principally represents the specialized know-how of the workforce at the agencies we have acquired. We test, at least annually, the carrying value of goodwill for impairment, as discussed in Note 2 to our consolidated financial statements. The estimates and assumptions about future results of operations and cash flows made in connection with the impairment testing could differ from future actual results of operations and cash flows. While we have concluded, for
each year presented in our financial statements, that our goodwill relating to continuing operations is not impaired, future events could cause us to conclude that the asset values associated with a given operation may become impaired. Any resulting impairment loss could materially adversely affect our results of operations and financial condition. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC is subject to regulations and litigation risk that could restrict our activities or negatively impact our revenues. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Advertising and marketing communications businesses are subject to government regulation, both domestic and foreign. There has been an increasing tendency in the United States on the part of advertisers to resort to litigation and self-regulatory bodies to challenge comparative advertising on the grounds that the advertising is false and deceptive. Moreover, there has recently been an expansion of specific rules, prohibitions, media restrictions, labeling disclosures, and warning requirements with respect to advertising for certain products and usage of personally identifiable information. Representatives within government bodies, both domestic and
foreign, continue to initiate proposals to ban the advertising of specific products and to impose taxes on or deny deductions for advertising which, if successful, may have an adverse effect on advertising expenditures and consequently MDC&#146;s revenues. </P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Certain of MDC&#146;s agencies produce software and e-commerce tools for their clients, and these product offerings have become increasingly subject to litigation based on allegations of patent infringement or other violations of intellectual property rights. As we expand these product offerings, the possibility of an intellectual property claim against us grows. Any such claim, with or without merit, could result in costly litigation and distract management from day-to-day operations and may result in us deciding to enter into license agreements to avoid ongoing patent litigation costs. If we are not successful in defending such claims, we could be
required to stop offering these services, pay monetary amounts as damages, enter into royalty or licensing arrangements, or satisfy indemnification obligations that we have with some of our clients. Such arrangements may cause our operating margins to decline. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In addition, laws and regulations related to user privacy, use of personal information and internet tracking technologies have been proposed or enacted in the United States and certain international markets. These laws and regulations could affect the acceptance of the internet as an advertising medium. These actions could affect our business and reduce demand for certain of our services, which could have a material adverse effect on our results of operations and financial position. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The indenture governing the 11% Notes and the WF Credit Agreement governing our secured line of credit contain various covenants that limit our discretion in the operation of our business. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The indenture governing the 11% Notes and the WF Credit Agreement governing our lines of credit contain various provisions that limit our discretion in the operation of our business by restricting our ability to: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">sell assets; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">pay dividends and make other distributions; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">redeem or repurchase our capital stock; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">incur additional debt and issue capital stock; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">create liens; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">consolidate, merge or sell substantially all of our assets; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">enter into certain transactions with our affiliates; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">make loans, investments or advances; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">repay subordinated indebtedness; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">undergo a change in control; </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">enter into certain transactions with our affiliates; </TD>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">engage in new lines of business; and </TD>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">enter into sale and leaseback transactions. </TD>

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<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">These restrictions on our ability to operate our business in our discretion could seriously harm our business by, among other things, limiting our ability to take advantage of financing, merger and acquisition and other corporate opportunities. The WF Credit Agreement is subject to various additional covenants, including a senior leverage ratio, a total leverage ratio, a fixed charge coverage ratio, a minimum EBITDA level (as defined), and a minimum accounts receivable level. Events beyond our control could affect our ability to meet these financial tests, and we cannot assure you that we will meet them. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our substantial indebtedness could adversely affect our cash flow and prevent us from fulfilling our obligations, including the 11% Notes. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011, MDC had $385.2 million net of original issue discount of indebtedness. In addition, we expect to make additional drawings under the WF Credit Agreement from time to time. Our ability to pay principal and interest on our indebtedness is dependent on the generation of cash flow by our subsidiaries. Our subsidiaries&#146; business may not generate sufficient cash flow from operations to meet MDC&#146;s </P>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">debt service and other obligations. If we are unable to meet our expenses and debt service obligations, we may need to obtain additional debt, refinance all or a portion of our indebtedness on or before maturity, sell assets or raise equity. We may not be able to obtain additional debt, refinance any of our indebtedness, sell assets or raise equity on commercially reasonable terms or at all, which could cause us to default on our obligations and impair our liquidity. Our inability to generate sufficient cash flow to satisfy our debt obligations, to obtain additional debt or to refinance our obligations on commercially reasonable terms would have a
material adverse effect on our business, financial condition and results of operations. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">If we cannot make scheduled payments on our debt, we will be in default and, as a result, our debt holders could declare all outstanding principal and interest to be due and payable; the lenders under the WF Credit Agreement could terminate their commitments to loan us money and foreclose against the assets securing our borrowings; and we could be forced into bankruptcy or liquidation. Our level of indebtedness could have important consequences. For example it could: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">make it more difficult for us to satisfy our obligations with respect to the 11% Notes; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">increase our vulnerability to general adverse economic and industry conditions; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital and other activities; </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">limit our flexibility in planning for, or reacting to, changes in our business and the advertising industry, which may place us at a competitive disadvantage compared to our competitors that have less debt; and </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">limit, particularly in concert with the financial and other restrictive covenants in our indebtedness, our ability to borrow additional funds or take other actions. </TD>

</TR>

</TABLE>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Despite our current debt levels, we may be able to incur substantially more indebtedness, which could further increase the risks associated with our leverage. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We may incur substantial additional indebtedness in the future. The terms of our Credit Agreement and the indenture governing the11% Notes permit us and our subsidiaries to incur additional indebtedness subject to certain limitations. If we or our subsidiaries incur additional indebtedness, the related risks that we face could increase. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We are a holding company dependent on our subsidiaries for our ability to service our debt and pay dividends. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC is a holding company with no operations of our own. Consequently, our ability to service our debt and to pay cash dividends on our common stock is dependent upon the earnings from the businesses conducted by our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to provide us with funds for our payment obligations, whether by dividends, distributions, loans or other payments. Although our operating subsidiaries have generally agreed to allow us to consolidate and &#147;sweep&#148; cash, subject to the timing of payments due to minority holders, any distribution of earnings to us from our subsidiaries is
contingent upon the subsidiaries&#146; earnings and various other business considerations. Also, our right to receive any assets of any of our subsidiaries upon their liquidation or reorganization, and therefore the right of the holders of common stock to participate in those assets, will be structurally subordinated to the claims of that subsidiary&#146;s creditors. In addition, even if we were a creditor of any of our subsidiaries, our rights as a creditor would be subordinate to any security interest in the assets of our subsidiaries and any indebtedness of our subsidiaries senior to that held by us. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We could change or suspend our existing dividend practice in the future. </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The declaration and payment of dividends on our common stock is at the discretion of MDC&#146;s board of directors and will depend upon limitations contained in our Credit Agreement and the indenture governing the 11% Notes, future earnings, capital requirements, our general financial condition and general business conditions. MDC&#146;s practice is to pay dividends only out of excess free cash flow from operations, and in the </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">event that worsening economic conditions, disruptions in the credit markets or other factors have a significant effect on our liquidity, MDC&#146;s board of directors could decide to reduce or suspend dividend payments in the future. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tUSC"></a>Item 1B. Unresolved Staff Comments </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">None. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tPROP"></a>Item 2. Properties </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See the notes to the Company&#146;s consolidated financial statements included in this Annual Report for a discussion of the Company&#146;s lease commitments and the &#147;Management&#146;s Discussion and Analysis&#148; for the impact of occupancy costs on the Company&#146;s operating expenses. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company maintains office space in many cities in the United States, Canada, Europe, and the Caribbean. This space is primarily used for office and administrative purposes by the Company&#146;s employees in performing professional services. This office space is in suitable and well-maintained condition for MDC&#146;s current operations. All of the Company&#146;s materially important office space is leased from third parties with varying expiration dates. Certain of these leases are subject to rent reviews or contain various escalation clauses and certain of our leases require our payment of various operating expenses, which may also be subject to
escalation. In addition, leases related to the Company&#146;s non-US businesses are denominated in other than US dollars and are therefore subject to changes in foreign exchange rates. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tLP"></a>Item 3. Legal Proceedings </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC&#146;s operating entities are involved in legal proceedings of various types. While any litigation contains an element of uncertainty, MDC has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition or results of operations of MDC. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tMSD"></a>Item 4. Mine Safety Disclosures </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Not applicable. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">13</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART II </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tMRCE"></a>Item 5. Market for Registrant&#146;s Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities </H2>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Market Information and Holders of Class A Subordinate Voting Shares </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The principal United States market on which the Company&#146;s Class A subordinate voting shares are traded is the NASDAQ National Market (&#147;NASDAQ&#148;) (symbol: &#147;MDCA&#148;), and the principal market in Canada is the Toronto Stock Exchange (symbol: &#147;MDZ.A&#148;). As of March 1, 2012, the approximate number of holders of our Class A subordinate voting shares, including those whose shares are held in nominee name, was 2,800. Quarterly high and low sales prices per share of the Company&#146;s Class A subordinate voting shares, as reported on NASDAQ and The Toronto Stock Exchange, respectively, for each quarter in the years ended
December 31, 2011 and 2010, are as follows: </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Nasdaq </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Quarter Ended</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>High</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Low</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=7><FONT STYLE="font-weight: normal">($ per Share)</FONT></TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>March 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.29</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>June 30, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.19</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.30</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>September 30, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.59</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.07</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17.47</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.19</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>March 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19.08</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15.84</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>June 30, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.11</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15.16</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>September 30, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20.99</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.62</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17.87</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.68</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Toronto Stock Exchange </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Quarter Ended</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>High</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Low</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=7><FONT STYLE="font-weight: normal">(C$ per Share)</FONT></TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>March 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11.30</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.54</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>June 30, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.51</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.46</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>September 30, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.78</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.11</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17.37</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.39</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>March 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15.79</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>June 30, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18.45</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14.57</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>September 30, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19.00</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.50</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17.42</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13.50</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of March 1, 2012, the last reported sale price of the Class A subordinate voting shares was $13.01 on NASDAQ and C$12.90 on the Toronto Stock Exchange. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Dividend Practice </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2011, MDC&#146;s board of directors declared the following dividends: a $0.14 per share quarterly dividend to all shareholders of record as of the close of business on March 17, 2011; a $0.14 per share dividend quarterly to all shareholders of record as of the close of business on May 16, 2011; a $0.14 per share quarterly dividend to all shareholders of record as of the close of business on August 17, 2011; a $0.14 per share quarterly dividend to all shareholders of record as of the close of business on October 28, 2011; and a $0.14 per share quarterly dividend to all shareholders of record as of the close of business on February 15, 2012.
MDC&#146;s practice is to pay dividends only out of excess free cash flow from operations. MDC is further limited in the extent to which we are able to pay dividends under our Credit Agreement and the indenture governing the 11% Notes. The payment of any future dividends will be at the discretion of MDC&#146;s board of directors and will depend upon limitations contained in our Credit Agreement and the indenture governing the 11% Notes, future earnings, capital requirements, our general financial condition and general business conditions. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">14</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Securities Authorized for Issuance Under Equity Compensation Plans </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table sets forth information regarding securities issued under our equity compensation plans as of December 31, 2011. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="216"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="112"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="112"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Securities<BR> to Be Issued Upon<BR> Exercise of Outstanding<BR> Options and Rights</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted Average<BR> Exercise Price of<BR> Outstanding<BR> Options and Rights</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Securities<BR> Remaining Available for<BR> Future Issuance<BR> (Excluding Column (a))</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3>(a)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3>(b)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3>(c)</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity Compensation Plans:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Approved by stockholders:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Share options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>88,081</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.12</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,511,742</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock appreciation rights</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,272,588</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><sup>&#040;1&#041;</sup><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.75</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>844,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Not approved by stockholders:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>None</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>


<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: left">Based on December 31, 2011 closing Class A subordinate voting share price on NASDAQ of $13.38.</TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On May 26, 2005, the Company&#146;s shareholders&#146; approved the 2005 Stock Incentive Plan, which provides for the issuance of two million Class A shares. On June 2, 2009 and June 1, 2007, the Company&#146;s shareholders approved amendments to the 2005 Stock Incentive Plan, which increased the number of shares available for issuance to 4.5 million Class A shares. In addition, the plan was amended to allow shares under this plan to be used to satisfy share obligations under the Stock Appreciation Rights Plan. On May 30, 2008, the Company&#146;s shareholders approved the 2008 Key Partner Incentive Plan, which provides for the issuance of 600,000
Class A shares. On June 1, 2011, the Company&#146;s shareholders approved the 2011 Stock Incentive Plan, which provides for the issuance of up to 2 million Class A shares. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See also Note 13 of the notes to the consolidated financial statements included herein. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">None. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Purchase of Equity Securities by the Issuer and Affiliated Purchasers </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Issuer Purchases of Equity Securities: </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Shares&nbsp;&#151;&nbsp;Class A subordinate voting shares </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the twelve months ended December 31, 2011, the Company made no open market purchases of its Class A shares or its Class B shares. Pursuant to its Credit Agreement, the Company is currently restricted from repurchasing its shares in the open market. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2011, the Company&#146;s employees surrendered 230,262 Class A shares valued at approximately $4.1 million in connection with the required tax withholding resulting from the vesting of restricted stock. The Company paid these withholding taxes on behalf of the related employees. These Class A shares were subsequently retired and no longer remain outstanding as of December 31, 2011. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Transfer Agent and Registrar for Common Stock </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The transfer agent and registrar for the Company&#146;s common stock is Canadian Stock Transfer Company (f/k/a CIBC Mellon Trust Company). Canadian Stock Transfer Company operates a telephone information inquiry line that can be reached by dialing toll-free 1-800-387-0825 or 416-643-5500. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Correspondence may be addressed to:<BR> MDC Partners Inc.<BR> C/o Canadian Stock Transfer Company<BR> P.O. Box 4202, Postal Station A<BR> Toronto, Ontario M5W 0E4 </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tSFD"></a>Item 6. Selected Financial Data </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following selected financial data should be read in connection with Item 7&nbsp;&#151;&nbsp;&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and the consolidated financial statements and notes that are included in this annual report on Form 10-K. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="244"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=19>Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2007</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=19><FONT STYLE="font-weight: normal">(Dollars in Thousands, Except per Share Data)</FONT></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Operating Data<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenues</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>943,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>689,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>536,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>575,404</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>524,896</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating profit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,307</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,315</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,404</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,785</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income (loss) from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,559</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,417</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,578</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,344</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,691</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock-based compensation included in income (loss) from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,507</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,444</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,437</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,217</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Earnings (Loss) per Share<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Basic<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Continuing operations attributable to<BR> MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.86</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.74</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Diluted<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Continuing operations attributable to<BR> MDC Partners Inc. common shareholders</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.86</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.74</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash dividends declared per share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.70</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Financial Position Data<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,055,745</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>914,348</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>604,519</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>529,239</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>520,698</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>385,174</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>286,216</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>217,946</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>181,498</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>164,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Redeemable noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107,432</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,560</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,751</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,187</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>137,223</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107,991</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,645</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,538</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,511</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fixed charge coverage ratio</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.07</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.45</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fixed charge deficiency</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,453</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,810</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>836</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>N/A</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Several significant factors that should be considered when comparing the annual results shown above are as follows: </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2011 </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2011, the Company completed a number of acquisitions. Please see Note 4 of the notes to the consolidated financial statements included herein for a summary of these acquisitions </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On April 19, 2011, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold an additional $55 million aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% Notes and treated as a single series with the original 11% Notes. The additional notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933, as amended. The Company received net proceeds before expenses of $59.6 million, which included an original issue premium of $6.1 million, and underwriter fees of $1.5 million. The Company used the net proceeds of the
offering to repay the outstanding balance under the Company&#146;s revolving credit agreement described elsewhere herein, and for general corporate purposes. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective December, 31, 2011, the Performance Marketing Group, a division of Accent Marketing Services, LLC, has been deemed a discontinued operation. All periods have been restated to reflect this discontinued operation. See Note 10 of the Notes to the Consolidated Financial Statements included herein. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">16</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2010 </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2010, the Company completed a significant number of acquisitions. Please see Note 4 of the notes to the consolidated financial statements included herein for a summary of these acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On May 14, 2010, the Company and its wholly-owned subsidiaries, as guarantors issued and sold $65 million aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% notes and treated as a single series with the original 11% notes. The additional notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933, as amended. The Company received net proceeds before expenses of $67.2 million, which included an original issue premium of $2.6 million, and underwriter fees of $0.4 million. The Company used the net proceeds of the offering to
repay the outstanding balance under the Company&#146;s revolving Credit Agreement described elsewhere herein, and for general corporate purposes, including acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective September 30, 2010, the Company ceased Zig (USA) LLC operations. All periods have been restated to reflect these discontinued operations. See Note 10 of the notes to the consolidated financial statements included herein. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2009 </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On October 23, 2009, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold $225 million aggregate principal amount of 11% Notes due 2016 (the &#147;11% Notes&#148;). The 11% Notes bear interest at a rate of 11% per annum, accruing from October 23, 2009. Interest is payable semiannually in arrears in cash on May 1 and November 1 of each year, beginning on May 1, 2010. The 11% Notes will mature on November 1, 2016, unless earlier redeemed or repurchased. In addition, the Company entered into a Credit Agreement described elsewhere herein. The Company used the net proceeds of this offering to repay the outstanding balance and
terminate its prior Fortress Financing Agreement, and redeemed its outstanding 8% C$45 million convertible debentures. As a result, the Company incurred $4.5 million of early termination fees and wrote off of the remaining deferred financing costs relating to its prior Financing Agreement and convertible debentures. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2008 </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2008, MDC recognized $13.3 million of primarily non-cash, unrealized, foreign exchange gains due primarily to the strengthening of the US dollar as compared to the Canadian dollar on its intercompany balances that are denominated in the US dollar. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective December 31, 2008, three of the Company&#146;s operating subsidiaries, Clifford/Bratskeir Public Relations LLC, Ito Partners, LLC and Mobium Creative Group (a division of Colle + McVoy) have been deemed discontinued operations. All periods have been restated to reflect these discontinued operations. See Note 10 of the notes to the consolidated financial statements included herein. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2007 </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In March 2007, due to continued operating and client losses, the Company ceased Margeotes Fertitta Powell, LLC (&#147;MFP&#148;) current operations and spun off a new operating business and as a result incurred a goodwill impairment charge of $4.5 million in 2007. The Company also recorded an impairment charge relating to MFP of $6.3 million in 2006. After reviewing the 2008 projections of the new operating business the Company decided to cease the operations of the new operating business as well. As a result, the Company has classified these operations as discontinued. In addition, an additional intangible relating to an employment contract of $0.6
million was deemed impaired and written off. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In December 2007, due to continued operating losses and the lack of new business wins the Company ceased Banjo Strategic Entertainment, LLC operations. All periods have been restated to reflect these discontinued operations. See Note 10 of the notes to the consolidated financial statements included herein. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">17</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tMDAFC"></a>Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Unless otherwise indicated, references to the &#147;Company&#148; mean MDC Partners Inc. and its subsidiaries, and references to a fiscal year means the Company&#146;s year commencing on January 1 of that year and ending December 31 of that year (e.g., fiscal 2011 means the period beginning January 1, 2011, and ending December 31, 2011). </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company reports its financial results in accordance with generally accepted accounting principles (&#147;GAAP&#148;) of the United States of America (&#147;US GAAP&#148;). However, the Company has included certain non-US GAAP financial measures and ratios, which it believes provide useful information to both management and readers of this report in measuring the financial performance and financial condition of the Company. One such term is &#147;organic revenue&#148;, which means growth in revenues from sources other than acquisitions or foreign exchange impacts. These measures do not have a standardized meaning prescribed by US GAAP and,
therefore, may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to other titled measures determined in accordance with US GAAP. </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Executive Summary </H1>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s objective is to create shareholder value by building market-leading subsidiaries and affiliates that deliver innovative, value-added marketing communications and strategic consulting to their clients. Management believes that shareholder value is maximized with an operating philosophy of &#147;Perpetual Partnership&#148; with proven committed industry leaders in marketing communications. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC manages the business by monitoring several financial and non-financial performance indicators. The key indicators that we review focus on the areas of revenues and operating expenses and capital expenditures. Revenue growth is analyzed by reviewing the components and mix of the growth, including: growth by major geographic location; existing growth by major reportable segment (organic); growth from currency changes; and growth from acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC conducts its businesses through the Marketing Communications Group. Within the Marketing Communications Group, there are two reportable operating segments: Strategic Marketing Services and Performance Marketing Services. In addition, MDC has a &#147;Corporate Group&#148; which provides certain accounting, administrative, financial, human resource and legal functions. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Marketing Communications Businesses </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Through its operating &#147;partners&#148;, MDC provides advertising, consulting, customer relationship management, and specialized communication services to clients throughout the United States, Canada, Europe, and the Caribbean. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The operating companies earn revenue from agency arrangements in the form of retainer fees or commissions; from short-term project arrangements in the form of fixed fees or per diem fees for services; and from incentives or bonuses. Additional information about revenue recognition appears in Note 2 of the notes to the consolidated financial statements. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC measures operating expenses in two distinct cost categories: cost of services sold, and office and general expenses. Cost of services sold is primarily comprised of employee compensation related costs and direct costs related primarily to providing services. Office and general expenses are primarily comprised of rent and occupancy costs and administrative service costs including related employee compensation costs. Also included in operating expenses is depreciation and amortization. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Because we are a service business, we monitor these costs on a percentage of revenue basis. Cost of services sold tend to fluctuate in conjunction with changes in revenues, whereas office and general expenses and depreciation and amortization, which are not directly related to servicing clients, tend to decrease as a percentage of revenue as revenues increase because a significant portion of these expenses are relatively fixed in nature. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">18</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We measure capital expenditures as either maintenance or investment related. Maintenance capital expenditures are primarily composed of general upkeep of our office facilities and equipment that are required to continue to operate our businesses. Investment capital expenditures include expansion costs, the build out of new capabilities, technology or call centers, or other growth initiatives not related to the day to day upkeep of the existing operations. Growth capital expenditures are measured and approved based on the expected return of the invested capital. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Certain Factors Affecting Our Business </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Overall Factors Affecting our Business and Results of Operations</I>.&nbsp;&nbsp;The most significant factors include national, regional and local economic conditions, our clients&#146; profitability, mergers and acquisitions of our clients, changes in top management of our clients and our ability to retain and attract key employees. New business wins and client loses occur for a variety of factors. The two most significant factors are; clients&#146; desire to change marketing communication firms, and the creative product our firms are offering. A client may choose to change marketing communication firms for any number of reasons, such as a change
in top management and the new management wants to go retain an agency that it may have previously worked with. In addition, if the client is merged or acquired by another company, the marketing communication firm is often changed. Further, global clients are trending to consolidate the use of numerous marketing communication firms to just one or two. Another factor in a client changing firms is the agency&#146;s campaign or work product is not providing results and they feel a change is in order to generate additional revenues. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Clients will generally reduce or increase their spending or outsourcing needs based on their current business trends and profitability. These types of changes impact the Performance Marketing Services Group more than the Strategic Marketing Services Group due to the Performance Marketing Services Group having clients who require project-based work as opposed to the Strategic Marketing Services Group who primarily have retainer-based relationships. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Acquisitions and Dispositions</I>.&nbsp;&nbsp;Our strategy includes acquiring ownership stakes in well-managed businesses with strong reputations in the industry. We engaged in a number of acquisition and disposal transactions during the 2009 to 2011 period, which affected revenues, expenses, operating income and net income. Additional information regarding material acquisitions is provided in Note 4 &#147;Acquisitions&#148; and information on dispositions is provided in Note 10 &#147;Discontinued Operations&#148; in the notes to the consolidated financial statements. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Foreign Exchange Fluctuations</I>.&nbsp;&nbsp;Our financial results and competitive position are affected by fluctuations in the exchange rate between the US dollar and non-US dollars, primarily the Canadian dollar. See also &#147;Quantitative and Qualitative Disclosures About Market Risk&nbsp;&#151;&nbsp;Foreign Exchange.&#148; </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Seasonality</I>.&nbsp;&nbsp;Historically, with some exceptions, we generate the highest quarterly revenues during the fourth quarter in each year. The fourth quarter has historically been the period in the year in which the highest volumes of media placements and retail related consumer marketing occur. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Fourth Quarter Results.</I>&nbsp;&nbsp;Revenues for the fourth quarter of 2011 increased to $254.3 million, compared to the 2010 fourth quarter revenues of $211.0 million. The increase consisted of organic growth of $14.1 million, acquisition revenue of $29.5 million and a $0.3 million decrease due to foreign currency fluctuations. The Strategic Marketing Services segment had revenue growth of $35.3 million, of which $10.3 million was organic and $25.1 million was acquisition related. The Performance Marketing Services segment had increased revenue of $8.1 million in 2011 of which $3.8 million was organic and $4.4 million was acquisition related.
Operating results for the fourth quarter of 2011 resulted in a loss of $4.6 million compared to income of $22.2 million in 2010. The decrease in operating profits was primarily related to an increase in acquisition related costs and estimated deferred acquisition consideration adjustments of $15.3 million, and the Company&#146;s strategic investments in talent, new office locations, and other growth investments. Income (loss) from continuing operations for the fourth quarter of 2011 was a loss of $55.5 million compared to income of $17.9 million in 2010. Interest expense was higher in 2011 by $1.7 million, income tax expense was also higher by $42.2 million and equity in earnings of affiliates was income in 2010 of $2.5 million compared to nil in 2011. Interest expense increased due to the additional outstanding debt in 2011, relating to the 11% Notes issued in April 2011. Income tax expense was higher primarily due to additional valuation allowance reserves and non-deductible
stock-based compensation in </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">19</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2011. The 2010 income in equity affiliates relates to distributions in excess of the Company&#146;s carrying value of one of its equity method investments. </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Summary of Key Transactions </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2011 </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company completed several key acquisitions in 2011. These acquisitions included the acquisition of a 70% interest in Concentric Partners, LLC (&#147;Concentric&#148;), a 65% interest in Laird + Partners, New York LLC (&#147;Laird&#148;), a 100% interest in RJ Palmer Partners LLC (&#147;RJ Palmer&#148;), a 75% interest in Trade X Partners LLC (&#147;Trade X&#148;) and a 60% interest in Anomaly Partners, LLC (&#147;Anomaly&#148;). </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The total aggregate purchase price for these 2011 transactions was $76.8 million, which included closing cash payments equal to $40 million plus additional estimated contingent purchase payments in future years of approximately $36.8 million. See Note 4 of the notes to the consolidated financial statements included herein for additional information on these and other acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On April 19, 2011, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold an additional $55 million aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% Notes and treated as a single series with the original 11% Notes. The additional notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933, as amended. The Company received net proceeds before expenses of $59.6 million, which included an original issue premium of $6.1 million, and underwriter fees of $1.5 million. The Company used the net proceeds of the
offering to repay the outstanding balance under the Company&#146;s WF Credit Agreement described elsewhere herein, and for general corporate purposes. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2010 </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company completed several key acquisitions in 2010. These acquisitions included the acquisition of 60% of the equity interests in The Arsenal LLC (&#147;Team&#148;); 75% of the equity interests in Integrated Media Solutions, LLC; 51% of the equity interests in Allison &amp; Partners LLC; 70% of the equity interests in Sloane &amp; Company LLC; 60% of the equity interests of Relevent Partners LLC; 80% of the total outstanding equity interests in each of Kenna Communications LP and Capital C Partners LP; and 51% of the equity interests in 72andSunny Partners LLC. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The total aggregate purchase price for these 2010 transactions was $182.1 million, which included closing cash payments equal to $92.4 million and additional estimated contingent purchase payments in future years of approximately $89.7 million. See Note 4 of the notes to the consolidated financial statements included herein for additional information on these and other acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On May 14, 2010, the Company and its wholly-owned subsidiaries (as guarantors) issued and sold an additional $65 million aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% notes and treated as a single series with the original 11% notes. The additional notes were sold in a private placement in reliance on exemptions from registration under the Securities Act of 1933, as amended. The Company used the net proceeds of the offering to repay the outstanding balance under the Company&#146;s revolving WF Credit Agreement, and for acquisitions and other general corporate purposes. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2009 </H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">New Financing </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On October 23, 2009, the Company completed a $300 million refinancing of its existing debt arrangements. The Company issued $225 million of 11% notes and obtained a new $75 million revolving WF Credit Agreement. The proceeds were used to pay off the existing Fortress Facility, consisting of the $130 million term loan, and the C$45 million convertible debentures. The proceeds were also used for the early payment of $46.0 million of deferred acquisition consideration relating to kirshenbaum bond senecal &amp; partners LLC (&#147;KBSP&#148;) and Crispin Porter &amp; Bogusky LLC (&#147;CPB&#148;). In connection with the repayment of its prior
indebtedness, the Company incurred termination fees and expenses of $2.0 million and wrote off deferred financing costs of $2.5 million. </P>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">20</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective October 5, 2009, MDC acquired the remaining 6% equity interest in CPB from the minority holder. In accordance with the terms of the underlying limited liability company agreement, the estimated contingent purchase price of $8.5 million will be paid in future periods beginning in April 2011. Following the closing of this transaction, MDC&#146;s ownership in CPB is 100%. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Results of Operations for the Years Ended December 31, 2011, 2010 and 2009: </H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="226"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>For the Year Ended December 31, 2011</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Strategic<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Performance<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Corporate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>608,079</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>335,195</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>943,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>426,053</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>248,407</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>674,460</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>138,303</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,432</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>219,271</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,379</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,031</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>826</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,236</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating Profit (Loss)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,344</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,221</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(36,258</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,307</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other Income (Expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>116</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,677</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(41,783</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes, equity in affiliates and noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34,037</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,735</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before equity in affiliates and noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,772</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity in earnings of affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,559</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations attributable to MDC Partners Inc.,<BR> net of taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,361</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,920</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,203</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,551</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss attributable to<BR> MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(84,674</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,149</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,695</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,813</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">21</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="226"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>For the Year Ended December 31, 2010</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Strategic<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Performance<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Corporate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>438,941</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,205</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>689,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>289,409</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>183,962</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>473,371</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>90,622</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,383</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,291</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>151,296</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,917</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,879</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>368</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,164</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating Profit (Loss)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,993</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,981</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(22,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,315</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other Income (Expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>381</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange gain</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(33,213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes, equity in affiliates and noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,448</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax recovery</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(165</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before equity in affiliates and noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,283</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity in earnings of affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>866</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,417</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations attributable to MDC Partners Inc.,<BR> net of taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,366</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,211</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,863</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,074</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss attributable to<BR> MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(15,440</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,282</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,992</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,233</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,507</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">22</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="226"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>For the Year Ended December 31, 2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Strategic<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Performance<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Corporate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>370,615</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,876</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>536,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>220,714</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>127,586</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>348,300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,633</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,584</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,091</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>131,308</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,518</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,278</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>428</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,224</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating Profit (Loss)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,750</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,428</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(18,519</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other Income (Expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(91</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,956</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(21,646</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes, equity in affiliates and noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before equity in affiliates and noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,570</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity in loss of affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(8</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,578</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations attributable to MDC Partners Inc.,<BR> net of taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,180</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,758</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,851</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(715</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,566</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss attributable to<BR> MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(18,324</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,742</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>868</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,834</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,444</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2011 Compared to Year Ended December 31, 2010 </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenue was $943.3 million for the year ended 2011, representing an increase of $254.2 million, or 36.9%, compared to revenue of $689.1 million for the year ended 2010. This increase relates primarily to acquisition growth of $132.1 million and an increase in organic revenue of $117.3 million. In addition, a weakening of the US Dollar, primarily versus the Canadian dollar during the year ended December 31, 2011, resulted in an increase of $4.8 million. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Operating profit for the year ended 2011 was $9.3 million, compared to $30.3 million in 2010. Operating profit decreased by $19.6 million in the Strategic Marketing Services, and was offset by an increase of $12.2 million within the Performance Marketing Services segment. Corporate operating expenses increased by $13.6 million in 2011. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Loss from continuing operations was a loss of $75.6 million in 2011, compared to a loss of $1.4 million in 2010. This increase in loss of $74.2 million was primarily attributable to the decrease in operating profit of $21.0 million, an increase in tax expense of $41.9 million and an increase in net interest expense equal to $8.6 million. This increase in net interest expense was primarily due to the Company&#146;s outstanding 11% notes. These amounts were impacted by an increase in foreign exchange losses from a gain of $0.1 million in 2010 to a loss of $1.7 million in 2011, and a decrease in other income, net of $0.3 million and a decrease in equity
in earnings of non-consolidated affiliates of $0.7 million. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">23</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Marketing Communications Group </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenues attributable to the Marketing Communications Group, which consists of two reportable segments&nbsp;&#151;&nbsp;Strategic Marketing Services and Performance Marketing Services, were $943.3 million in the aggregate in 2011, compared to $689.1 million in 2010, representing a year-over-year increase of 36.9%. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The components of the revenue for 2011 are shown in the following table: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Revenue</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>$000&#146;s</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>%</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Year ended December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>689,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquisition</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>132,102</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Organic</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>117,264</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign exchange impact</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,762</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Year ended December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>943,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>36.9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The geographic mix in revenues was relatively consistent between 2011 and 2010 and is demonstrated in the following table: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Canada</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Europe and other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The operating profit of the Marketing Communications Group decreased by approximately 14.0% to $45.6 million in 2011, from $53.0 million in 2010. The decrease in operating profit of $7.4 million was primarily due to an increase in acquisition related costs and estimated deferred acquisition consideration adjustments of $12.4 million, and increased depreciation and amortization of $5.6 million, due to acquisitions. These amounts were offset by $10.2 million of increased operating profits related to the increase in revenue and a $0.4 million decrease in non-cash stock based compensation, despite the Company&#146;s strategic investments in talent, new
office locations, and other growth investments. Operating margins decreased to 4.8% for 2011 compared to 7.7% for 2010. This decrease in operating margin was primarily related to an increase in reimbursed client related direct costs (excluding staff costs) as a percentage of revenues from 20.3% of revenue in 2010 to 24.3% of revenue in 2011. This increase in reimbursed client related direct costs is due to the requirement that certain costs be included in both revenue and direct costs due to the Company acting as principle versus agent for certain client contracts. In addition, margins were negatively impacted by an increase in office and general expenses as a percentage of revenue from 18.7% in 2010 to 19.5% in 2011 primarily due to acquisition related costs and estimated deferred acquisition consideration adjustments as a percentage of revenue of 1.5% in 2011 compared to 0.3% in 2010. Offsetting these increases was a reduction in total staff costs as a percentage of revenues from
55.5% in 2010, to 53.9% in 2011. In addition, depreciation and amortization expenses decreased as a percentage of revenue from 4.9% in 2010, to 4.2% in 2011, due to the increase in revenue in 2011. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Marketing Communications Businesses </H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Strategic Marketing Services </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenues attributable to Strategic Marketing Services in 2011 were $608.1 million, compared to $438.9 million in 2010. The year-over-year increase of $169.2 million, or 38.5%, was attributable primarily to organic growth of $81.5 million or 18.6%; acquisition growth of $84.7 million or 19.3%; and a foreign exchange translation of $2.9 million due to the weakening of the US dollar compared to the Canadian dollar. This organic revenue growth was driven by net new business wins. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The operating profit of Strategic Marketing Services decreased by $19.7 million to $21.3 million in 2011 from $41.0 million in 2010. Operating margins decreased to 3.5% in 2011 from 9.3% in 2010. The decrease in operating profit was primarily due to an increase in acquisition related costs and estimated deferred acquisition consideration adjustments of $21.7 million, increased depreciation and amortization of $4.5 million, due to acquisitions, offset by $4.4 million of increased operating profits related to increased </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">24</P>

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">revenue, and a decrease in non-cash stock based compensation of $2.1 million. The decrease in operating margin was primarily related to an increase in direct costs (excluding staff costs) as a percentage of revenues from 16.8% of revenue in 2010, to 22.1% of revenue in 2011. In addition, margins were negatively impacted by an increase in office and general expenses as a percentage of revenue from 20.6% in 2010 to 22.7% in 2011 due to the increased acquisition related costs and estimated deferred acquisition consideration adjustments of 4.0% in 2011 compared to 0.6% in 2010 offset in part from the increase in revenue. Offsetting these increases, total
staff costs as a percentage of revenue decreased from 55.8% in 2010 to 54.2% in 2011, despite the Company&#146;s investment in talent. Depreciation and amortization decreased as a percentage of revenue from 4.1% during 2010 to 3.7% during 2011, due to the increase in revenues. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Performance Marketing Services </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Performance Marketing Services generated revenues of $335.2 million for 2011, an increase of $85.0 million, or 34%, compared to revenues of $250.2 million in 2010. The year-over-year increase was attributable primarily to acquisition growth of $47.4 million, organic revenue growth of $35.8 million, and a foreign translation increase of $1.8 million. This organic revenue growth was driven by net new business wins. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The operating profit of Performance Marketing Services increased by $12.2 million to $24.2 million in 2011, from an operating profit of $12.0 million in 2010. Operating margins improved from 4.8% in 2010 compared to 7.2% in 2011. The increase in operating profit was primarily due to a decrease in acquisition related costs and estimated deferred acquisition consideration adjustments of $9.3 million and $5.8 million relating to increased revenue. These increases were offset in part from increased depreciation and amortization of $1.2 million, due to acquisitions and increased non-cash stock based compensation of $1.7 million. The increase in operating
margin in 2011 was due primarily to a decrease in total staff costs as a percentage of revenue from 55.0% in 2010 to 53.2% in 2011. Office and general expenses as a percentage of revenue decreased from 15.3% in 2010 to 13.6% in 2011 due to a decrease in acquisition related costs and estimated deferred acquisition consideration adjustments as a percentage of revenue of a positive net adjustment of 0.3% in 2010 to a larger positive net adjustment of 3.0% in 2011. This decrease was offset by an increase in non-cash stock based compensation expense of $1.7 million. In addition, depreciation and amortization expense decreased as a percentage of revenue from 6.3% in 2010 to 5.1% in 2011, due to the increased revenue. Offsetting these decreases was an increase in direct costs (excluding staff costs) as a percentage of revenue from 26.4% in 2010 to 28.2% in 2011. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Corporate </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Operating costs related to the Company&#146;s Corporate operations increased by $13.6 million to $36.3 million in 2011, compared to $22.7 million in 2010. This increase was primarily related to increased compensation and related costs of $9.0 million ($7.6 million of which consisted of non-cash stock based compensation). In addition, the Company incurred increased travel, promotional and related costs of $2.5 million, occupancy costs of $1.0 million, professional and other costs of $0.6 million, and depreciation expense of $0.5 million. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Other Expense, Net </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Other expense, net, decreased $0.3 million in 2011 to income of $0.1 million from income of $0.4 million in 2010. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Foreign Exchange </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The foreign exchange loss was $1.7 million for 2011, compared to a gain of $0.1 million recorded in 2010. This unrealized gain and loss was due primarily to the fluctuation in the US dollar during 2011 and 2010 compared to the Canadian dollar relating to the Company&#146;s US dollar denominated intercompany balances with its Canadian subsidiaries. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net Interest Expense </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net interest expense for 2011 was $41.8 million, an increase of $8.6 million over the $33.2 million net interest expense incurred during 2010. Interest expense increased $8.4 million in 2011 due to the additional $55 million 11% notes issued in April 2011. Interest income was $0.1 million for 2011, as compared to $0.3 million in 2010. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">25</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income Tax Expense </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income tax expense in 2011 was $41.7 million compared to a benefit of $0.2 million for 2010. In 2010, the Company&#146;s effective tax rate was substantially lower than the statutory tax rate due to a decrease in the Company&#146;s valuation allowance, and noncontrolling interest charges. These amounts were offset in part by non-deductible stock based compensation and a reserve established for potential tax positions. The Company&#146;s effective tax rate was substantially higher than the statutory rate in 2011 due to non-deductible stock-based compensation and an increase in the Company&#146;s valuation allowance, offset in part by noncontrolling
interest charges. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s US operating units are generally structured as limited liability companies, which are treated as partnerships for tax purposes. The Company is only taxed on its share of profits, while noncontrolling holders are responsible for taxes on their share of the profits. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Equity in Affiliates </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Equity in affiliates represents the income (loss) attributable to equity-accounted affiliate operations. In 2011, the Company recorded income of $0.2 million compared to income of $0.9 million in 2010. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Noncontrolling Interests </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Noncontrolling interest expense was $7.8 million for 2011, a decrease of $2.3 million from the $10.1 million of noncontrolling interest expense incurred during 2010. The decrease relates to a decrease in profits earned at entities the Company does not own 100% in, both the Strategic Marketing Services and Performance Marketing Service segments. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Discontinued Operations </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The loss net of taxes from discontinued operations for 2011 was $1.4 million and is primarily comprised of the operating results of the Performance Marketing Group, a division of Accent Marketing Services, LLC. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The loss net of taxes from discontinued operations for 2010 was $3.9 million and is comprised of the operating results of Performance Marketing Group, Zig (US) LLC (&#147;Zig US&#148;), Redscout&#146;s 007 venture; discontinued operations of Fearless Progression LLC in 2010; and Margeotes Fertitta Powell, LLC (&#147;MFP&#148;) discontinued in 2007. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net Loss </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As a result of the foregoing, the net loss recorded for 2011 was $84.7 million or loss of $2.91 per diluted share, compared to a net loss of $15.4 million or $0.55 per diluted share reported for 2010. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Year Ended December 31, 2010 Compared to Year Ended December 31, 2009 </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenue was $689.1 million for the year ended 2010, representing an increase of $152.7 million, or 28.5%, compared to revenue of $536.5 million for the year ended 2009. This increase relates primarily to acquisition growth of $105.8 million and an increase in organic revenue of $38.5 million. In addition, a weakening of the US Dollar, primarily versus the Canadian dollar during the year ended December 31, 2010, resulted in an increase of $8.4 million. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Operating profit for the year ended 2010 was $30.3 million compared to $22.7 million in 2009. Operating profit increased by $4.2 million in the Strategic Marketing Services, and by $7.6 million within the Performance Marketing Services segment. Corporate operating expenses increased by $4.1 million in 2010. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Loss from continuing operations was a loss of $1.4 million in 2010, compared to a loss of $9.6 million in 2009. This increase in income of $8.2 million was primarily attributable to the increase in operating profit, offset by an increase in net interest expense equal to $11.6 million. This increase in net interest expense was primarily due to the Company&#146;s outstanding 11% notes. These amounts were impacted by a decrease in foreign exchange losses from a loss of $2.0 million in 2009 to income of $0.1 million in 2010, and an increase in other income, net of $0.5 million from a loss of $0.1 million in 2009 to income of $0.4 million in 2010. In
addition, income tax expense decreased $8.7 million, from $8.5 million in 2009 to a benefit of $0.2 million in 2010. Equity in earnings of non-consolidated affiliates increased by $0.9 million due to distributions in excess of the Company&#146;s carrying value of one equity method investment of $2.6 million, offset by the write-off of another equity method investment due to continued losses. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">26</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Marketing Communications Group </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenues attributable to the Marketing Communications Group, which consists of two reportable segments&nbsp;&#151;&nbsp;Strategic Marketing Services and Performance Marketing Services, were $689.1 million in the aggregate in 2010, compared to $536.5 million in 2009, representing a year-over-year increase of 28.5%. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The components of the revenue for 2010 are shown in the following table: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Revenue</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>$000&#146;s</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>%</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Year ended December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>536,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquisition</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>105,851</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19.7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Organic</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,448</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign exchange impact</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,356</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.6</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Year ended December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>689,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The geographic mix in revenues was relatively consistent between 2010 and 2009 and is demonstrated in the following table: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="402"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>83</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Canada</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Europe and other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">%<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The operating profit of the Marketing Communications Group increased by approximately 28.6% to $53.0 million in 2010, from $41.2 million in 2009. Operating margins were consistent at 7.7% for both 2010 and 2009. The increase in operating profit is primarily attributable to a reduction in total staff costs as a percentage of revenues from 60.5% in 2009, to 55.5% in 2010. Direct costs (excluding staff costs) offset this increase as these costs increased as a percentage of revenues from 13.4% of revenue in 2009 to 20.3% of revenue in 2010 due to an increase in reimbursed client related direct costs. This increase in direct costs is due to the
requirement that certain costs be included in both revenue and direct costs due to the Company acting as principle versus agent for certain client contracts. Office and general expenses as a percentage of revenue decreased from 21.1% in 2009, to 18.7% in 2010. This decrease was primarily a result of increased revenues on relatively fixed costs, offset by acquisition related costs and estimated deferred acquisition consideration adjustments of 0.6% in 2010 compared to minimal impact in 2009. Depreciation and amortization expenses decreased as a percentage of revenue from 6.3% in 2009, to 4.9% in 2010, due to these expenses being relatively flat at $33.8 million. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Marketing Communications Businesses </H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Strategic Marketing Services </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Revenues attributable to Strategic Marketing Services in 2010 were $438.9 million, compared to $370.6 million in 2009. The year-over-year increase of $68.3 million, or 18.4%, was attributable primarily to organic growth of $43.2 million or 11.7%; acquisition growth of $20.2 million or 5.4%; and a foreign exchange conversion of $4.9 million due to the weakening of the US dollar compared to the Canadian dollar. This organic revenue growth was driven by net new business wins. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The operating profit of Strategic Marketing Services increased by approximately 11.5% to $41.0 million in 2010, from $36.8 million in 2009, while operating margins decreased to 9.3% in 2010 from 9.9% in 2009. The increase in operating profit was primarily due to the increased revenue. The decrease in operating margin was primarily related to an increase in direct costs (excluding staff costs) as a percentage of revenues from 11.0% of revenue in 2009, to 16.8% of revenue in 2010. In addition, margins were negatively impacted by acquisition related costs and estimated deferred acquisition consideration adjustments of 0.6% in 2010 compared to minimal
impact in 2009. Total staff costs as a percentage of revenue decreased from 58.3% in 2009 to 55.8% in 2010, helping to offset increase in direct costs as a percentage of revenue despite the Company&#146;s investment in talent. Depreciation and amortization decreased as a percentage of revenue from 6.9% during 2009 to 4.1% during 2010. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">27</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Performance Marketing Services </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Performance Marketing Services generated revenues of $250.2 million for 2010, an increase of $84.3 million, or 50.8%, compared to revenues of $165.9 million in 2009. The year-over-year increase was attributable primarily to acquisition growth of $85.7 million and a foreign translation of $3.4 million; offset by an organic revenue decline of $4.8 million. Revenues declined due to customers reducing their outsourcing needs and reduced client project spending in 2010. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The operating profit of Performance Marketing Services increased by $7.6 million to $12.0 million in 2010, from an operating profit of $4.4 million in 2009. Operating margins improved from 2.7% in 2009 compared to 4.8% in 2010. The increase in operating profit dollars is primarily due to increased revenue. The increase in operating margin in 2010 was due primarily to a decrease in total staff costs as a percentage of revenue from 65.3% in 2009; to 55.0% in 2010. Offsetting this decrease was an increase in direct costs (excluding staff costs) as a percentage of revenue from 18.9% in 2009 to 26.4%. Office and general expenses as a percentage of revenue
decreased from 15.4% in 2009 to 15.3% in 2010 due to relatively fixed costs compared to the increase in revenue. Depreciation and amortization increased due to amortization of acquired intangibles from 2010 acquisitions. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Corporate </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Operating costs related to the Company&#146;s Corporate operations increased by $4.1 million to $22.7 million in 2010, compared to $18.5 million in 2009. This increase of $4.1 million was primarily related to increased compensation and related costs of $1.9 million ($1.4 million of which consisted of non-cash stock based compensation), travel, promotional and related costs of $2.0 million and professional and other costs of $0.2 million. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Other Expense, Net </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Other expense, net, increased $0.5 million in 2010 to income of $0.4 million from an expense of $0.1 million in 2009. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Foreign Exchange </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The foreign exchange gain was $0.1 million for 2010, compared to a loss of $0.1 million recorded in 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2010, the Company settled certain intercompany accounts to reduce its exposure to the continued foreign exchange fluctuations between the US dollar and Canadian dollar. As a result, the Company recorded a net minimal foreign exchange gain in 2010 compared to the loss incurred in 2009. In 2009, the Company recorded an unrealized loss that was offset by a $1.3 million realized gain on foreign exchange transactions. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net Interest Expense </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net interest expense for 2010 was $33.2 million, an increase of $11.6 million over the $21.6 million net interest expense incurred during 2009. Interest expense increased $11.4 million in 2010 due to the refinancing completed in October 2009 and the additional $65 million 11% notes issued in May 2010. Interest expense also increased due to the higher debt outstanding and higher interest rates on the refinanced debt. Interest income was $0.3 million for 2010, as compared to $0.5 million in 2009. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income Taxes </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income tax benefit in 2010 was $0.2 million compared to expense of $8.5 million for 2009. In 2010, the Company&#146;s effective tax rate was substantially lower than the statutory tax rate due to a decrease in the Company&#146;s valuation allowance, and noncontrolling interest charges. These amounts were offset in part by non-deductible stock based compensation and a reserve established for potential tax positions. The Company&#146;s effective tax rate was substantially higher than the statutory rate in 2010 due to non-deductible stock-based compensation and an increase in the Company&#146;s valuation allowance, offset in part by noncontrolling
interest charges. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s US operating units are generally structured as limited liability companies, which are treated as partnerships for tax purposes. The Company is only taxed on its share of profits, while noncontrolling holders are responsible for taxes on their share of the profits. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">28</P>

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<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Equity in Affiliates </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Equity in affiliates represents the income loss attributable to equity-accounted affiliate operations. In 2010, the Company incurred income of $0.9 million due to distributions in excess of the Company&#146;s carrying value of one equity method investment of $2.6 million offset by the write-off of another equity method investment due to continued losses. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Noncontrolling Interests </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Noncontrolling interest expense was $10.1 million for 2010, an increase of $4.5 million from the $5.6 million of noncontrolling interest expense incurred during 2009. The increase was primarily due to increased profitability of subsidiaries within both operating segments, which are not 100% owned. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Discontinued Operations </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The loss net of taxes from discontinued operations for 2010 was $3.9 million and is comprised of the operating results of the Performance Marketing Group, division of Accent Marketing Service, LLC, Zig (US) LLC (&#147;Zig US&#148;), Redscout&#146;s 007 venture; discontinued operations of Fearless Progression LLC in 2010; and Margeotes Fertitta Powell, LLC (&#147;MFP&#148;) discontinued in 2007. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The loss net of taxes from discontinued operations for 2009 was $3.2 million and is comprised of the operating results of the Performance Marketing Group, division of Accent, Zig US, Clifford/Bratskeir Public Relations LLC discontinued in 2009 and MFP. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net Income </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As a result of the foregoing, the net loss recorded for 2010 was $15.4 million or loss of $0.55 per diluted share, compared to a net loss of $18.3 million or $0.67 per diluted share reported for 2009. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Liquidity and Capital Resources </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table provides information about the Company&#146;s liquidity position: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Liquidity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=11><FONT STYLE="font-weight: normal">(In Thousands, Except for Long-Term<BR> Debt to Shareholders&#146; Equity Ratio)</FONT></TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,096</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,926</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Working capital (deficit)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(127,888</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(102,547</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,152</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash from operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,548</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,297</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>67,687</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash from investing</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(30,436</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(110,580</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(63,663</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash from financing</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,299</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,717</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Ratio of long-term debt to shareholders&#146; equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(29.76</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.11</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.31</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011, 2010 and 2009, $0.9 million, $5.2 million and $14.1 million, respectively, of the Company&#146;s consolidated cash position was held by subsidiaries. Although this amount is available for the subsidiaries&#146; use, it does not represent cash that is distributable as earnings to MDC for use to reduce its indebtedness. It is the Company&#146;s intent through its cash management system to reduce outstanding borrowings under the WF Credit Agreement by using available cash. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Working Capital </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011, the Company had a working capital deficit of $127.9 million, compared to a deficit of $102.5 million at December 31, 2010. Working capital deficit increased by $25.4 million primarily related to a $20.9 million increase in short term deferred acquisition consideration. The remainder was primarily due to accelerated timing in the amounts collected from clients, and paid to suppliers, primarily media outlets. The Company includes amounts due to noncontrolling interest holders, for their share of profits, in accrued and other liabilities. During 2011, 2010 and 2009, the Company made distributions to these noncontrolling interest
holders of $12.3 million, $7.7 million and $7.8 million, respectively. At December 31, 2011, $4.0 million remains outstanding to be distributed to noncontrolling interest holders over the next twelve months. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">29</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company expects that available borrowings under its Credit Agreement, together with cash flows from operations and other initiatives, will be sufficient over the next twelve months to adequately fund working capital deficits should there be a need to do so from time to time, as well as all of the Company&#146;s obligations including put options and capital expenditures. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Operating Activities </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash flow provided by continuing operations for 2011 was $5.5 million. This was attributable primarily to a loss from continuing operations of $50.0 million, plus non-cash stock based compensation of $23.7 million, depreciation and amortization of $42.4 million, a decrease in expenditures billable to clients of $15.3 million, deferred income taxes of $14.6 million, and adjustments to deferred acquisition consideration of $13.3 million. This was partially offset by a decrease in advance billings of $31.4 million, increases in accounts receivable of $12.1 million, other non-current assets and liabilities of $2.0 million, and a decrease in accounts
payable, accruals and other liabilities of $8.2 million. Discontinued operations used cash of $0.9 million. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash flow provided by continuing operations for 2010 was $39.5 million. This was attributable primarily to a loss from continuing operations of $1.4 million, plus non-cash stock based compensation of $16.5 million, depreciation and amortization of $36.3 million, a decrease in expenditures billable to clients of $23.7 million, and an increase in advance billings of $2.4 million. This was partially offset by increases in accounts receivable of $31.3 million, deferred income taxes of $5.4 million, other non-current assets and liabilities of $0.5 million, and a decrease in accounts payable, accruals and other liabilities of $1.6 million. Discontinued
operations used cash of $2.2 million. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash flow provided by continuing operations for 2009 was $69.1 million. This was attributable primarily to a loss from continuing operations of $9.6 million, plus non-cash stock based compensation of $15.4 million, depreciation and amortization of $38.3 million, deferred income taxes of $7.0 million, an increase in accounts payable, accruals and other liabilities of $9.4 million, noncurrent assets and liabilities of $3.1 million, an increase in advance billings of $15.8 million and foreign exchange translation of $6.6 million. This was partially offset by increases in accounts receivable of $11.4 million and expenditures billable to clients of $7.1
million. Discontinued operations used cash of $1.4 million. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Investing Activities </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash flows used in investing activities were $30.4 million for 2011, compared with $110.6 million for 2010, and $63.7 million in 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash used in acquisitions during 2011 was $6.8 million, $22.6 million related to acquisition payments, reduced by $15.9 million of media cash acquired, and $0.1 million related to deferred payments for acquisitions that closed prior to January 1, 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Expenditures for capital assets in 2011 were equal to $23.4 million. Of this amount, $11.7 million was incurred by the Strategic Marketing Services segment, $4.8 million was incurred by the Performance Marketing Services segment. These expenditures consisted primarily of computer equipment, leasehold improvements, furniture and fixtures, and $6.9 million related to the purchase of Corporate assets. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash used in acquisitions during 2010 was $97.4 million, of which $18.2 million related to earnout and deferred acquisition payments for acquisitions that closed prior to January 1, 2009, and $79.2 million related to acquisition payments. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Expenditures for capital assets in 2010 were equal to $11.1 million. Of this amount, $6.5 million was incurred by the Strategic Marketing Services segment, $4.0 million was incurred by the Performance Marketing Services segment. These expenditures consisted primarily of computer equipment, leasehold improvements, furniture and fixtures, and $0.6 million related to the purchase of Corporate assets. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Cash used in acquisitions during 2009 was $57.5 million, of which $54.1 million related to earnout and deferred acquisition payments for acquisitions that closed prior to January 1, 2009, and $3.4 million related to acquisition payments. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">30</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Expenditures for capital assets in 2009 were equal to $4.5 million. Of this amount, $3.6 million was incurred by the Strategic Marketing Services segment, $0.7 million was incurred by the Performance Marketing Services segment, and $0.2 million related to the purchase of Corporate assets. These expenditures consisted primarily of computer equipment, leasehold improvements and furniture and fixtures. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Profit distributions received from affiliates amounted to $4.6 million in 2011, $0.6 million in 2010, and $0.2 million for 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Discontinued operations used cash of $0.6 million, $2.1 million, and $1.7 million in 2011, 2010 and 2009, respectively, relating to expenditures for capital assets. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Financing Activities </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2011, cash flows provided by financing activities amounted to $23.3 million and primarily consisted of $61.1 million of proceeds from the additional 11% notes issuance, and proceeds from the WF Credit Agreement of $38.0 million and proceeds for the exercise of stock options of $1.0 million. These proceeds were offset by repayments from bank overdrafts of $5.7 million, by $3.1 million of deferred financing costs relating to the senior notes and revolving WF Credit Agreement. The proceeds of the 11% notes issuance were partially offset by dividends paid and proceeds for the exercise of stock options of $1.0 million,
of $16.4 million, distributions to noncontrolling shareholders of $12.3 million, purchase of treasury shares of $4.1 million and repayment of long-term debt of $1.1 million. In addition, the Company made acquisition related payments of $34.3 million of which $31.2 million related to earnout and deferred acquisition payments and $3.1 million related to acquisition of additional equity interests pursuant to put/call option exercises. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2010, cash flows provided by financing activities amounted to $32.7 million and primarily consisted of $67.6 million of proceeds from the additional 11% notes issuance, proceeds from bank overdrafts of $9.0 million, offset by $2.1 million of deferred financing costs relating to the senior notes and new revolving WF Credit Agreement. The proceeds of the 11% notes issuance were partially offset by dividends paid and payable of $9.7 million, distributions to noncontrolling shareholders of $7.7 million, purchase of treasury shares of $3.5 million and repayment of long-term debt of $1.5 million. The Company made
acquisition related payments of $19.7 million, of which $8.2 million related to earnout and deferred acquisition payments, and $11.5 million related to acquisitions of additional equity interests pursuant to put/call option exercises. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2009, cash flows provided by financing activities amounted to $9.7 million and primarily consisted of $225 million of proceeds from the 11% notes issuance, offset by the original issue discount of $10.5 million and $10.1 million of deferred financing costs relating to the senior notes and new revolving WF Credit Agreement. The proceeds were offset by repayments of $130.0 million term loans, $42.5 million convertible notes, $9.7 million relating to the old credit facility, and $7.8 million for distributions to noncontrolling interests. The Company made acquisition related payments of $2.5 million. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Total Debt </H3>

<H4 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11% Notes Due 2016 </H4>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On October 23, 2009, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold $225 million aggregate principal amount of 11% Notes due 2016 (the &#147;11% Notes&#148;). The 11% Notes bear interest at a rate of 11% per annum, accruing from October 23, 2009. Interest is payable semiannually in arrears in cash on May 1 and November 1 of each year, beginning on May 1, 2010. The 11% Notes will mature on November 1, 2016, unless earlier redeemed or repurchased. The Company received net proceeds before expenses of $209 million which included an original issue discount of approximately 4.7% or $10.5 million and underwriter fees of $5.5
million. The 11% Notes were sold in a private placement in reliance on exemptions from registration under the Securities Act of 1933, as amended. The Company used the net proceeds of this offering to repay the outstanding balance and terminate its prior Fortress Financing Agreement consisting of repayments of $130 million term loans, a $70 million delayed draw term loan, and $9.7 outstanding on the $55 million revolving credit agreement. The Company also used the net proceeds to redeem its outstanding 8% C$45 million convertible debentures. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">31</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On May 14, 2010, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold $65 million aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% Notes and treated as a single series with the original 11% Notes. The additional notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933, as amended. The Company received net proceeds before expenses of $67.2 million, which included an original issue premium of $2.6 million, and underwriter fees of $0.4 million. The Company used the net proceeds of the offering to
repay the outstanding balance under the Company&#146;s revolving credit agreement described elsewhere herein, and for general corporate purposes, including acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On April 19, 2011, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold an additional $55 million aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% Notes and treated as a single series with the original 11% Notes. The additional notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933, as amended. The Company received net proceeds before expenses of $59.6 million, which included an original issue premium of $6.1 million, and underwriter fees of $1.5 million. The Company used the net proceeds of the
offering to repay the outstanding balance under the Company&#146;s WF Credit Agreement and for general corporate purposes. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company may, at its option, redeem the 11% Notes in whole at any time or in part from time to time, on and after November 1, 2013 at a redemption price of 105.5% of the principal amount thereof. If redeemed during the twelve-month period beginning on November 1, 2014, the Company must pay a redemption price of 102.75% of the principal amount thereof. If redeemed during the twelve-month period beginning on November 1, 2015, the Company must pay a redemption price of 100% of the principal amount thereof. Prior to November 1, 2013, the Company may, at its option, redeem some or all of the 11% Notes at a price equal to 100% of the principal amount of
the Notes plus a &#147;make whole&#148; premium and accrued and unpaid interest. The Company may also redeem, at its option, prior to November 1, 2012, up to 35% of the 11% Notes with the proceeds from one or more equity offerings at a redemption price of 111% of the principal amount thereof. If the Company experiences certain kinds of changes of control (as defined in the Indenture), holders of the 11% Notes may require the Company to repurchase any 11% Notes held by them at a price equal to 101% of the principal amount of the 11% Notes plus accrued and unpaid interest. The indenture governing the 11% Notes contains various covenants restricting our operations in certain respects. See &#147;Risk Factors.&#148; </P>

<H4 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Credit Agreement </H4>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On October 23, 2009, the Company and its subsidiaries entered into a $75 million five year senior secured revolving WF Credit Agreement (the &#147;WF Credit Agreement&#148;) with Wells Fargo Foothill, LLC, as agent, and the lenders from time to time party thereto. On November 22, 2010, the Company amended its facility to increase availability to $100 million. On April 29, 2011, the Company entered into an additional amendment to increase the availability under the WF Credit Agreement to $150 million and extended the maturity date to October 23, 2015. The WF Credit Agreement replaced the Company&#146;s existing $185 million senior secured financing
agreement with Fortress Credit Corp., as collateral agent, Wells Fargo Foothill, Inc., as administrative agent. Advances under the WF Credit Agreement will bear interest as follows: (a)(i) LIBOR Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans bear interest at the Base Rate, plus (b) an applicable margin. The initial applicable margin for borrowing is 2.25% in the case of Base Rate Loans and 2.50% in the case of LIBOR Rate Loans. The applicable margin may be reduced subject to the Company achieving certain trailing twelve month earning levels, as defined. In addition to paying interest on outstanding principal under the WF Credit Agreement, the Company is required to pay an unused revolver fee to lender under the WF Credit Agreement in respect of unused commitments thereunder. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The WF Credit Agreement is guaranteed by all of the Company&#146;s present and future subsidiaries, other than immaterial subsidiaries as defined and is secured by all the assets of the Company. The WF Credit Agreement includes covenants that, among other things, restrict the Company&#146;s ability and the ability of its subsidiaries to incur or guarantee additional indebtedness; pay dividends on or redeem or repurchase the capital stock of MDC; make certain types of investments; pay dividends or other amounts from the Company&#146;s subsidiaries; incur certain liens, sell or otherwise dispose of certain assets; enter into transactions with
affiliates; enter into sale and leaseback transactions; and consolidate or merge with or into, or sell </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">32</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">substantially all of the Company&#146;s assets to, another person. These covenants are subject to a number of important limitations and exceptions. The WF Credit Agreement also contains financial covenants, including a senior leverage ratio, total leverage ratio, a fixed charge coverage ratio and a minimum earnings level, as defined. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Debt as of December 31, 2011 was $385.2 million, an increase of $99.0 million compared with the $286.2 million outstanding at December 31, 2010, primarily as a result of proceeds from the April 2011 bond issuance of $55 million and $38 million WF Credit Agreement to fund seasonal working capital requirements, earnout obligations, and acquisitions. At December 31, 2011, $106.1 million is available under the WF Credit Agreement to fund working capital requirements. After giving effect to the limitations under the indenture for the 11% Notes, at December 31, 2011, approximately $41.2 million was available under the WF Credit Agreement. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company is currently in compliance with all of the terms and conditions of its WF Credit Agreement, and management believes, based on its current financial projections and strategic initiatives, that the Company will be in compliance with covenants over the next twelve months. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">If the Company loses all or a substantial portion of its lines of credit under the WF Credit Agreement, it may be required to seek other sources of liquidity. If the Company were unable to find these sources of liquidity, for example through an equity offering or access to the capital markets, the Company&#146;s ability to fund its working capital needs and any contingent obligations with respect to put options would be adversely affected. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pursuant to the Credit Agreement, the Company must comply with certain financial covenants including, among other things, covenants for (i) senior leverage ratio (ii) total leverage ratio, (iii) fixed charges ratio, (iv) minimum earnings before interest, taxes and depreciation and amortization and (v) minimum accounts receivable level, in each case as such term is specifically defined in the WF Credit Agreement. For the period ended December 31, 2011, the Company&#146;s calculation of certain of these covenants, and the specific requirements under the Credit Agreement, respectively, were as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="434"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>December 31, 2011</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Senior leverage ratio</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.44</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Maximum per covenant</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fixed charges ratio</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.54</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Minimum per covenant</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1.25</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total leverage ratio</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.85</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Maximum per covenant</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.15</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Earnings before interest, taxes, depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>&#36;99.5 million</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Minimum per covenant</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>&#36;90.0 million</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">These ratios are not based on generally accepted accounting principles and are not presented as alternative measures of operating performance or liquidity. They are presented here to demonstrate compliance with the covenants in the Company&#146;s WF Credit Agreement, as non-compliance with such covenants could have a material adverse effect on the Company. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">33</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Disclosure of Contractual Obligations and Other Commercial Commitments </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table provides a payment schedule of present and future obligations. Management anticipates that the obligations outstanding at December 31, 2011 will be repaid with new financing, equity offerings and/or cash flow from operations (in thousands): </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="240"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=19>Payments Due by Period</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black"  ROWSPAN=1 COLSPAN=1>Contractual Obligations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Less than<BR> 1 Year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1&nbsp;&#150;&nbsp;3 Years</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3&nbsp;&#150;&nbsp;5 Years</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>After<BR> 5 Years</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Indebtedness</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>346,266</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>600</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>666</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>345,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital lease obligations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,437</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>638</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>654</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>145</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating leases</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>164,201</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,878</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>48,109</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,100</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>52,114</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest on debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>189,937</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,065</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,966</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,906</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>137,223</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>51,829</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,321</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,038</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,035</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Management services agreement</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,500</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,500</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,900</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,733</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,167</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total contractual obligations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>844,464</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>121,243</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>192,883</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>477,189</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>53,149</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table provides a summary of other commercial commitments (in thousands) at December 31, 2011: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="240"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=19>Payments Due by Period</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black"  ROWSPAN=1 COLSPAN=1>Other Commercial Commitments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Less than<BR> 1 Year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>1&nbsp;&#150;&nbsp;3 Years</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>3&nbsp;&#150;&nbsp;5 Years</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>After<BR> 5 Years</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Lines of credit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,032</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,032</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Letters of credit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,830</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,830</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Other Commercial Commitments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>43,862</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,830</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>38,032</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For further detail on MDC&#146;s long-term debt principal and interest payments, see Note 11 and Note 17 Commitments, Contingents and Guarantees of the Company&#146;s consolidated financial statements included in this Form 10-K. See also &#147;<I>Deferred Acquisition and Contingent Consideration (Earnouts)</I>&#148; and &#147;<I>Other-Balance Sheet Commitments</I>&#148; below. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Capital Resources </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011, the Company had only utilized the Credit Agreement in the form of undrawn letters of credit of $5.8 million. Cash and undrawn available bank credit facilities to support the Company&#146;s future cash requirements at December 31, 2011 was approximately $106.1 million. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company expects to incur approximately $20 million of capital expenditures in 2012. Such capital expenditures are expected to include leasehold improvements, furniture and fixtures, and computer equipment at certain of the Company&#146;s operating subsidiaries. The Company intends to maintain and expand its business using cash from operating activities, together with funds available under the Credit Agreement. Management believes that the Company&#146;s cash flow from operations, funds available under the Credit Agreement and other initiatives will be sufficient to meet its ongoing working capital, capital expenditures and other cash needs over
the next twelve months. If the Company continues to spend capital on future acquisitions, management expects that the Company may need to obtain additional financing in the form of debt and/or equity financing. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Deferred Acquisition and Contingent Consideration (Earnouts) </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Acquisitions of businesses by the Company may include commitments to contingent deferred purchase consideration payable to the seller. These contingent purchase obligations are generally payable within a one to five-year period following the acquisition date, and are based on achievement of certain thresholds of future earnings and, in certain cases, also based on the rate of growth of those earnings. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">34</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Contingent purchase price obligations for acquisitions completed prior to January 1, 2009 are accrued when the contingency is resolved and payment is certain. Contingent purchase price obligations related to acquisitions completed subsequent to December 31, 2008 are recorded as liabilities at estimated value and are remeasured at each reporting period and changes in estimated value are recorded in results of operations. At December 31, 2011, there was $137.2 million of deferred consideration included in the Company&#146;s balance sheet. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Other-Balance Sheet Commitments </H3>

<H4 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Put Rights of Subsidiaries&#146; Noncontrolling Shareholders </H4>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Owners of interests in certain of the Company&#146;s subsidiaries have the right in certain circumstances to require the Company to acquire either a portion of or all of the remaining ownership interests held by them. The owners&#146; ability to exercise any such &#147;put option&#148; right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts during the period 2012
to 2018. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The amount payable by the Company in the event such put option rights are exercised is dependent on various valuation formulas and on future events, such as the average earnings of the relevant subsidiary through that date of exercise, the growth rate of the earnings of the relevant subsidiary during that period, and, in some cases, the currency exchange rate at the date of payment. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Management estimates, assuming that the subsidiaries owned by the Company at December 31, 2011, perform over the relevant future periods at their 2011 earnings levels, that these rights, if all exercised, could require the Company, in future periods, to pay an aggregate amount of approximately $29.0 million to the owners of such rights to acquire such ownership interests in the relevant subsidiaries. Of this amount, the Company is entitled, at its option, to fund approximately $3.6 million by the issuance of the Company&#146;s Class A subordinate voting shares. In addition, the Company is obligated under similar put option rights to pay an aggregate
amount of approximately $88.1 million only upon termination of such owner&#146;s employment with the applicable subsidiary or death (including $9.7 million within the Company&#146;s control). The Company intends to finance the cash portion of these contingent payment obligations using available cash from operations, borrowings under the WF Credit Agreement (and refinancings thereof) and, if necessary, through incurrence of additional debt. The ultimate amount payable and the incremental operating income in the future relating to these transactions will vary because it is dependent on the future results of operations of the subject businesses and the timing of when these rights are exercised. Approximately $3.6 million of the estimated $29.0 million that the Company would be required to pay subsidiaries noncontrolling shareholders&#146; upon the exercise of outstanding &#147;put&#148; rights, relates to rights exercisable within the next twelve months. Upon the settlement of the total
amount of such put options, the Company estimates that it would receive incremental operating income before depreciation and amortization of $7.2 million that would be attributable to MDC Partners Inc. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">35</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table summarizes the potential timing of the consideration and incremental operating income before depreciation and amortization based on assumptions as described above. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="192"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="52"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Consideration<sup>&#040;4&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2013</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2014</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2015</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2015 &amp; Thereafter</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=23><FONT STYLE="font-weight: normal">($ Millions)</FONT></TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25.4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>0.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3.6</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>11.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5.4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3.9</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><sup>&#040;1&#041;</sup><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>29.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Operating income before depreciation and amortization to be received<sup>&#040;2&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>0.1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Cumulative operating income before depreciation and amortization<sup>&#040;3&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3.3</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5.8</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7.1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><sup>&#040;5&#041;</sup><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>


<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: left">This amount in addition to put options only exercisable upon termination or death of $78.4 million have been recognized in Redeemable Noncontrolling Interests on the Company balance sheet in conjunction with the adoption of a new accounting pronouncement. </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(2)</TD>

          <TD STYLE="text-align: left">This financial measure is presented because it is the basis of the calculation used in the underlying agreements relating to the put rights and is based on actual 2011 operating results. This amount represents additional amounts to be attributable to MDC Partners Inc., commencing in the year the put is exercised. </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(3)</TD>

          <TD STYLE="text-align: left">Cumulative operating income before depreciation and amortization represents the cumulative amounts to be received by the company. </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(4)</TD>

          <TD STYLE="text-align: left">The timing of consideration to be paid varies by contract and does not necessarily correspond to the date of the exercise of the put. </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(5)</TD>

          <TD STYLE="text-align: left">Amounts are not presented as they would not be meaningful due to multiple periods included. </TD>

</TR>

</TABLE>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Guarantees </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In connection with certain dispositions of assets and/or businesses in 2001 and 2003, as well as the 2006 sale of SPI, the Company has provided customary representations and warranties whose terms range in duration and may not be explicitly defined. The Company has also retained certain liabilities for events occurring prior to sale, relating to tax, environmental, litigation and other matters. Generally, the Company has indemnified the purchasers in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification guarantees typically extend for several years. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Historically, the Company has not made any significant indemnification payments under such agreements and no provision has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. The Company continues to monitor the conditions that are subject to guarantees and indemnifications to identify whether it is probable that a loss has occurred, and would recognize any such losses under any guarantees or indemnifications in the period when those losses are probable and estimable. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For guarantees and indemnities entered into after January 1, 2003, in connection with the sale of the Company&#146;s investment in CDI and the sale of SPI, the Company has estimated the fair value of its liability to be insignificant. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">36</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Transactions With Related Parties </H3>

<H4 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">CEO Services Agreement </H4>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On April 27, 2007, the Company entered into a Management Services Agreement (the &#147;Services Agreement&#148;) with Miles Nadal and with Nadal Management, Inc. to set forth the terms and conditions on which Mr. Nadal would continue to provide services to the Company as its Chief Executive Officer. The Services Agreement renewed on April 27, 2010, in accordance with its terms and conditions. In addition, effective April 27, 2010, the annual retainer amount under the Services Agreement was increased to $1,500,000. During 2009, 2010 and 2011 and in accordance with this new Services Agreement, Mr. Nadal repaid an amount equal to $0.1 million of loans
due to the Company. At December 31, 2011, outstanding loans due from Nadal Management to the Company, with no stated maturity date, amounted to C$6.0 million ($5.9 million), which have been reserved for in the Company&#146;s accounts. </P>

<H4 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Trapeze Media </H4>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In 2000, the Company purchased 1,600,000 shares in Trapeze Media Limited (&#147;Trapeze&#148;) for $0.2 million. At the same time, the Company&#146;s CEO purchased 4,280,000 shares of Trapeze for $0.6 million, the Company&#146;s former Chief Financial Officer and a Managing Director of the Company each purchased 50,000 Trapeze shares for $7,000 and a Board Member of the Company purchased 75,000 shares of Trapeze for $10,000. In 2001, the Company purchased an additional 1,250,000 shares for $0.2 million, and the Company&#146;s CEO purchased 500,000 shares for $0.1 million. In 2002, the Company&#146;s CEO purchased 3,691,930 shares of Trapeze for $0.5
million. All of these purchases were made at identical prices (C$0.20/unit). </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2010 and 2009, Trapeze provided services to certain partner firms of MDC, and the total amount of such services provided was $0.1 million and $0.1 million, respectively. In addition, in 2011, 2010 and 2009, an MDC Partner firm provided services to Trapeze in exchange for fees equal to $0.4 million, $0.3 million and $0.3 million, respectively. Trapeze did not provide any services to MDC nor its partner firms in 2011. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s Board of Directors, through its Audit Committee, has reviewed and approved these transactions. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Critical Accounting Policies </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following summary of accounting policies has been prepared to assist in better understanding the Company&#146;s consolidated financial statements and the related management discussion and analysis. Readers are encouraged to consider this information together with the Company&#146;s consolidated financial statements and the related notes to the consolidated financial statements as included herein for a more complete understanding of accounting policies discussed below. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Estimates</I>.&nbsp;&nbsp;The preparation of the Company&#146;s financial statements in conformity with generally accepted accounting principles in the United States of America, or &#147;GAAP&#148;, requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities including goodwill, intangible assets, redeemable noncontrolling interests, and deferred acquisition consideration, valuation allowances for receivables and deferred income tax assets and stock based compensation as well as the reported amounts of revenue and expenses during the reporting period. The statements
are evaluated on an ongoing basis and estimates are based on historical experience, current conditions and various other assumptions believed to be reasonable under the circumstances. Actual results can differ from those estimates, and it is possible that the differences could be material. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">37</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Revenue Recognition.</I>&nbsp;&nbsp;The Company&#146;s revenue recognition policies are as required by the Revenue Recognition topics of the FASB Accounting Standards Codification. The Company earns revenue from agency arrangements in the form of retainer fees or commissions; from short-term project arrangements in the form of fixed fees or per diem fees for services; and from incentives or bonuses. A small portion of the Company&#146;s contractual arrangements with clients includes performance incentive provisions, which allow the Company to earn additional revenues as a result of its performance relative to both quantitative and qualitative
goals. The Company records revenue net of state taxes, when persuasive evidence of an arrangement exists, services are provided or upon delivery of the products when ownership and risk of loss has transferred to the customer, the selling price is fixed or determinable and collection of the resulting receivable is reasonably assured. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company recognizes the incentive portion of revenue under these arrangements when specific quantitative goals are assured, or when the Company&#146;s clients determine performance against qualitative goals has been achieved. In all circumstances, revenue is only recognized when collection is reasonably assured. The Company records revenue net of sales and other taxes due to be collected and remitted to governmental authorities. In the majority of the Company&#146;s businesses, the Company acts as an agent and records revenue equal to the net amount retained, when the fee or commission is earned. In certain arrangements, the Company acts as
principal and contracts directly with suppliers for third party media and production costs. In these arrangements, revenue is recorded at the gross amount billed. Additional information about our revenue recognition policy appears in Note 2 to our consolidated financial statements. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Acquisitions, Goodwill and Other Intangibles.</I>&nbsp;&nbsp;A fair value approach is used in testing goodwill for impairment to determine if an other than temporary impairment has occurred. One approach utilized to determine fair values is a discounted cash flow methodology. When available and as appropriate, comparative market multiples are used. Numerous estimates and assumptions necessarily have to be made when completing a discounted cash flow valuation, including estimates and assumptions regarding interest rates, appropriate discount rates and capital structure. Additionally, estimates must be made regarding revenue growth, operating
margins, tax rates, working capital requirements and capital expenditures. Estimates and assumptions also need to be made when determining the appropriate comparative market multiples to be used. Actual results of operations, cash flows and other factors used in a discounted cash flow valuation will likely differ from the estimates used and it is possible that differences and changes could be material. As of December 31, 2011, there were no reporting units at risk of failing step one of the Company&#146;s annual goodwill impairment test. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has historically made and expects to continue to make selective acquisitions of marketing communications businesses. In making acquisitions, the price paid is determined by various factors, including service offerings, competitive position, reputation and geographic coverage, as well as prior experience and judgment. Due to the nature of advertising, marketing and corporate communications services companies; the companies acquired frequently have significant identifiable intangible assets, which primarily consist of customer relationships. The Company has determined that certain intangibles (trademarks) have an indefinite life, as there
are no legal, regulatory, contractual, or economic factors that limit the useful life. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Business Combinations.</I>&nbsp;&nbsp;Valuation of acquired companies are based on a number of factors, including specialized know-how, reputation, competitive position and service offerings. Our acquisition strategy has been to focus on acquiring the expertise of an assembled workforce in order to continue building upon the core capabilities of our various strategic business platforms to better serve our clients. Consistent with our acquisition strategy and past practice of acquiring a majority ownership position, most acquisitions completed in 2011 and 2010 include an initial payment at the time of closing and provide for future additional
contingent purchase price payments. Contingent payments for these transactions, as well as certain acquisitions completed in prior years, are derived using the performance of the acquired entity and are based on pre-determined formulas. Contingent purchase price obligations for acquisitions completed prior to January 1, 2009 are accrued when the contingency is resolved and payment is certain. Contingent purchase price obligations related to acquisitions completed subsequent to December 31, 2008 are recorded as liabilities at estimated value and are remeasured at each reporting period. Changes in estimated value are recorded in results of operations. In addition, certain acquisitions also include put/call obligations for additional equity ownership interests. The estimated value of these interests are recorded as redeemable noncontrolling interests. As of </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">January 1, 2009, the Company expenses acquisition related costs in accordance with the Accounting Standard&#146;s Codification&#146;s new guidance on acquisition accounting. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For each of our acquisitions, we undertake a detailed review to identify other intangible assets and a valuation is performed for all such identified assets. We use several market participant measurements to determine estimated value. This approach includes consideration of similar and recent transactions, as well as utilizing discounted expected cash flow methodologies. Like most service businesses, a substantial portion of the intangible asset value that we acquire is the specialized know-how of the workforce, which is treated as part of goodwill and is not required to be valued separately. The majority of the value of the identifiable intangible
assets that we acquire is derived from customer relationships, including the related customer contracts, as well as trade names. In executing our acquisition strategy, one of the primary drivers in identifying and executing a specific transaction is the existence of, or the ability to, expand our existing client relationships. The expected benefits of our acquisitions are typically shared across multiple agencies and regions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Redeemable Noncontrolling Interest.</I>&nbsp;&nbsp;The minority interest shareholders of certain subsidiaries have the right to require the Company to acquire their ownership interest under certain circumstances pursuant to a contractual arrangement and the Company has similar call options under the same contractual terms. The amount of consideration under the put and call rights is not a fixed amount, but rather is dependent upon various valuation formulas and on future events, such as the average earnings of the relevant subsidiary through the date of exercise, the growth rate of the earnings of the relevant subsidiary through the date of
exercise, etc. as described in Note 18. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Allowance for Doubtful Accounts.</I>&nbsp;&nbsp;Trade receivables are stated less allowance for doubtful accounts. The allowance represents estimated uncollectible receivables usually due to customers&#146; potential insolvency. The allowance includes amounts for certain customers where risk of default has been specifically identified. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Income Tax Valuation Allowance.</I>&nbsp;&nbsp; The Company records a valuation allowance against deferred income tax assets when management believes it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Management considers factors such as the reversal of deferred income tax liabilities, projected future taxable income, the character of the income tax asset, tax planning strategies, changes in tax laws and other factors. A change to any of these factors could impact the estimated valuation allowance and income tax expense. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Interest Expense.</I>&nbsp;&nbsp;Interest expense primarily consists of the cost of borrowing on the revolving WF Credit Agreement and the 11% Notes. The Company uses the effective interest method to amortize the original issue discount and original issue premium on the 11% Notes. The Company amortizes deferred financing costs using the effective interest method over the life of the 11% Notes and straight line over the life of the revolving WF Credit Agreement. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Stock-based Compensation</I>.&nbsp;&nbsp;The fair value method is applied to all awards granted, modified or settled. Under the fair value method, compensation cost is measured at fair value at the date of grant and is expensed over the service period that is the award&#146;s vesting period. When awards are exercised, share capital is credited by the sum of the consideration paid together with the related portion previously credited to additional paid-in capital when compensation costs were charged against income or acquisition consideration. Stock-based awards that are settled in cash or may be settled in cash at the option of employees are
recorded as liabilities. The measurement of the liability and compensation cost for these awards is based on the fair value of the award, and is recorded into operating income over the service period, that is the vesting period of the award. Changes in the Company&#146;s payment obligation are revalued each period and recorded as compensation cost over the service period in operating income. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company treats benefits paid by shareholders to employees as a stock based compensation charge with a corresponding credit to additional paid-in capital. </P>

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<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Information regarding new accounting guidance can be found in Note 18 to our consolidated financial statements. </P>

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<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">39</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tQQDAMR"></a>Item 7A. Quantitative and Qualitative Disclosures About Market Risk </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company is exposed to market risk related to interest rates and foreign currencies. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Debt Instruments:</I>&nbsp;&nbsp;At December 31, 2011, the Company&#146;s debt obligations consisted of amounts outstanding under its WF Credit Agreement and the 11% notes. This facility bears interest at variable rates based upon the Eurodollar rate, US bank prime rate and, US base rate, at the Company&#146;s option. The 11% notes bear interest at a fixed rate. The Company&#146;s ability to obtain the required bank syndication commitments depends in part on conditions in the bank market at the time of syndication. As of December 31, 2011, the Company had a $38.0 million balance on the revolving WF Credit Agreement. Given the level of debt of
$38.0 million as of December 31, 2011, a 1% increase in the weighted average interest rate, which was 5.5% at December 31, 2011, would have a $0.4 million interest impact. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Foreign Exchange:</I>&nbsp;&nbsp;The Company conducts business in six currencies, the US dollar, the Canadian dollar, the Euro, Jamaican dollar, the British Pound and the Swedish Krona. Our results of operations are subject to risk from the translation to the US dollar of the revenue and expenses of our non-US operations. The effects of currency exchange rate fluctuations on the translation of our results of operations are discussed in the &#147;Management&#146;s Discussion and Analysis of Financial Condition and Result of Operations&#148; and in Note 2 of our consolidated financial statements. For the most part, our revenues and expenses incurred
related to our non-US operations are denominated in their functional currency. This minimizes the impact that fluctuations in exchange rates will have on profit margins. Intercompany debt which is not intended to be repaid is included in cumulative translation adjustments. Translation of intercompany debt, which is not intended to be repaid, is included in cumulative translation adjustments. Translation of current intercompany balances are included in net earnings. The Company generally does not enter into foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company is exposed to foreign currency fluctuations relating to its intercompany balances between the US and Canada. For every one cent change in the foreign exchange rate between the US and Canada, the Company will not incur a material impact to its financial statements.</P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">40</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tFSSD"></a>Item 8. Financial Statements and Supplementary Data </H2>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC.<BR> INDEX TO CONSOLIDATED FINANCIAL STATEMENTS </H1>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Financial Statements:<BR></TD>

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          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

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<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftRIRPAF">Report of Independent Registered Public Accounting Firm</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftRIRPAF">42</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

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<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftCSO">Consolidated Statements of Operations for the Three Years Ended December 31, 2011</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftCSO">43</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

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<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftCSCL">Consolidated Statements of Comprehensive Loss</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftCSCL">44</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

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<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftCBS">Consolidated Balance Sheets as of December 31, 2011 and 2010</a></TD>

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<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftCBS">45</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

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<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftCSCF">Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2011</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftCSCF">46</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

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<TR STYLE="background-color: #CCFFCC"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftCSSE">Consolidated Statements of Shareholders&#146; Equity for the Three Years Ended December 31, 2011</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftCSSE">48</a></TD>

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<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftNCFS">Notes to Consolidated Financial Statements</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftNCFS">51</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Financial Statement Schedules:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white"><TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1><a href="#ftVQA">Schedule II&nbsp;&#151;&nbsp;Valuation and Qualifying Accounts for the Three Years Ended December 31, 2011</a></TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

<TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

<TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1><a href="#ftVQA">98</a></TD>

<TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">41</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftRIRPAF"></a>Report of Independent Registered Public Accounting Firm </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Board of Directors and Stockholders<BR>MDC Partners Inc.<BR>New York, New York<BR>Toronto, Canada </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have audited the accompanying consolidated balance sheets of MDC Partners Inc. as of December 31, 2011 and 2010 and the related consolidated statements of operations, comprehensive loss, shareholders&#146; equity, and cash flows for each of the three years in the period ended December 31, 2011. These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of MDC Partners Inc. at December 31, 2011 and 2010, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), MDC Partners Inc. and subsidiaries&#146; internal control over financial reporting as of December 31, 2011, based on criteria established in <I>Internal Control&nbsp;&#151;&nbsp;Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 15, 2012 expressed an unqualified opinion thereon. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">/s/ BDO USA, LLP </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">New York, New York<BR>March 15, 2012 </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">42</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftCSO"></a>MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR> CONSOLIDATED STATEMENTS OF OPERATIONS<BR>(Thousands of United States Dollars, Except Share and per Share Amounts) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>943,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>689,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>536,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating Expenses:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>674,460</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>473,371</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>348,300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>219,271</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>151,296</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>131,308</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,236</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,164</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,224</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>933,967</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>658,831</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>513,832</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Operating Profit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>9,307</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>30,315</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other Income (Expenses)<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gain (loss) on sale of assets and other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>116</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>381</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(91</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange gain (loss)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,677</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,956</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense and finance charges</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(41,922</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(33,487</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(22,098</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Interest income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>139</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>452</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(43,344</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(32,763</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(23,693</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes and equity in affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34,037</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,448</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Income tax expense (recovery)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,735</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(165</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before equity in affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,772</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,283</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,570</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Equity in earnings (loss) of non-consolidated affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>866</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(8</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,559</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,417</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,578</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations attributable to<BR> MDC Partners Inc., net of taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,361</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,180</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,920</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,366</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,758</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net income attributable to the non-controlling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,074</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,566</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss attributable to MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(84,674</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(15,440</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(18,324</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss Per Common Share:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Basic and diluted<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations attributable to<BR> MDC Partners Inc. common shareholders</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2.86</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Discontinued operations attributable to MDC Partners Inc. common shareholders</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.05</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.14</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(0.12</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss attributable to MDC Partners Inc. common shareholders</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(2.91</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.67</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Weighted Average Number of Common Shares Outstanding:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Basic and diluted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,120,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,161,144</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,396,463</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Non cash stock based compensation expense is included in the following line items above: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,333</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,427</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,919</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,324</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,080</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,525</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23,657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>16,507</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>15,444</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">43</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftCSCL"></a>MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS<BR>(Thousands of United States Dollars) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Comprehensive Loss<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,920</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,366</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,758</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other comprehensive income (loss), net of tax:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign currency cumulative translation adjustment</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(504</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,736</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>769</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Comprehensive loss for the year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(77,424</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,630</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,989</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Comprehensive loss attributable to the noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,760</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,078</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,582</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Comprehensive loss attributable to MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(85,184</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(13,708</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(17,571</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">44</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftCBS"></a>MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR> CONSOLIDATED BALANCE SHEETS<BR>(Thousands of United States Dollars) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="440"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>ASSETS<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current Assets:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,096</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts receivable, less allowance for doubtful accounts of $851 and $1,990</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,592</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>195,306</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenditures billable to clients</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,067</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,414</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other current assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12,657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13,455</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Current Assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>298,412</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,124</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Fixed assets, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,737</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,053</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Investment in affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>99</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goodwill</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>605,244</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>514,488</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other intangible assets, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>57,980</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>67,133</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred tax assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,380</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,603</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>30,893</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,947</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,055,745</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>914,348</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="text-align: center; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>LIABILITIES AND SHAREHOLDERS&#146; EQUITY<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current Liabilities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts payable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>178,282</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>131,074</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accrued and other liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>72,930</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>64,050</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Advance billings, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>122,021</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>124,993</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current portion of long-term debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,238</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,667</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>51,829</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>30,887</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total Current Liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>426,300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>352,671</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Long-term debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>383,936</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>284,549</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Long-term portion of deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,394</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,104</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,900</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,956</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deferred tax liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>50,724</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,642</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>961,254</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>744,922</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Redeemable Noncontrolling Interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>107,432</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>77,560</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Commitments, Contingencies and Guarantees (Note 17)<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shareholders&#146; Equity:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Preferred shares, unlimited authorized, none issued</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Class A Shares, no par value, unlimited authorized, 29,277,408 and 28,758,734 shares issued and outstanding in 2011 and 2010, respectively</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>228,208</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>226,752</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Class B Shares, no par value, unlimited authorized, 2,503 issued and outstanding in 2011 and 2010, respectively, convertible into one Class A share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares to be issued, 28,000 shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>424</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Additional paid-in capital</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Charges in excess of capital</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(45,102</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,809</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accumulated deficit</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(231,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(146,600</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock subscription receivable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(135</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Accumulated other comprehensive loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,658</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,148</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>MDC Partners Inc. Shareholders&#146; Equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(52,456</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>59,061</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Noncontrolling Interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>39,515</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>32,805</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total Equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(12,941</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>91,866</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Liabilities, Redeemable Noncontrolling Interests and Equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,055,745</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>914,348</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">45</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftCSCF"></a>MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR> CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>(Thousands of United States Dollars) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash flows from operating activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,920</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,366</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,758</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,361</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,180</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income (loss) from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,559</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,417</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,578</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Adjustments to reconcile loss from continuing operations to cash provided by operating activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-cash stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,507</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,444</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Depreciation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,665</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,447</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,087</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amortization primarily from intangibles</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,571</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,717</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,137</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Amortization of deferred finance charges and debt discount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,175</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,136</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,041</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Adjustment to deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,324</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>142</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred income taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,284</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,972</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(Gain) loss on disposition of assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss (earnings) of non consolidated affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(866</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other non-current assets and liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,954</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(509</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,101</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>687</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>538</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,557</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase/decrease in operating assets and liabilities<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts receivable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,130</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(31,289</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,420</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expenditures billable to clients</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,335</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,681</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,054</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Prepaid expenses and other current assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(832</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>952</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,546</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Accounts payable, accruals and other current liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,259</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,574</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,362</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Advance billings</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(31,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,430</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,843</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash flows provided by continuing operating activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,453</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,505</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69,099</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Discontinued operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(905</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,208</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,412</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net cash provided by operating activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,548</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>37,297</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>67,687</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash flows from investing activities:<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital expenditures</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(23,383</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,134</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,513</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from sale of assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>96</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>20</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquisitions, net of cash acquired</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,790</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(97,387</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(57,506</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Profit distributions from affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,584</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>638</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>198</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other investments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,232</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(717</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(163</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash flows used in continuing investing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(29,799</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(108,504</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(61,964</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Discontinued operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(637</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(2,076</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,699</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net cash used in investing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(30,436</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(110,580</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(63,663</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash flows from financing activities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from issuance of 11% Notes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,050</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>67,600</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>214,506</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds/ (repayments) of revolving credit facility</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,032</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,701</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Repayment of term loans</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(130,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Repayment of convertible debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(42,470</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquisition related payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34,287</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,673</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds/ (repayments) from bank overdraft</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,676</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,026</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,264</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,685</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,784</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from exercise of options</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,086</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>370</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Payments of dividends</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,436</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,727</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">46</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR> CONSOLIDATED STATEMENTS OF CASH FLOWS&nbsp;&#151;&nbsp;(continued)<BR>(Thousands of United States Dollars) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Repayment of long-term debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,112</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,496</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred financing costs</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,053</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,103</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10,085</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Proceeds from stock subscription receivable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>206</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Purchase of treasury shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,121</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,480</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(596</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash flows provided by continuing financing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,299</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,717</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Discontinued operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net cash provided by financing activities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,299</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,717</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Effect of exchange rate changes on cash and cash equivalents</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(264</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(422</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 40pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>(Decrease) increase in cash and cash equivalents</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,853</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(40,977</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,595</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents at beginning of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>51,926</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,331</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Cash and cash equivalents at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,096</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>10,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>51,926</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Supplemental disclosures:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash income taxes paid</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>240</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,128</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>384</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cash interest paid</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>37,497</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,581</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,243</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-cash transactions:<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Share capital issued on acquisitions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital leases</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>682</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>656</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>340</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Note receivable exchanged for shares of subsidiary</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,098</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>840</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 30pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividends payable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,456</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>387</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">47</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftCSSE"></a>MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR> CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY<BR>(Thousands of United States Dollars Except Share and per Share Amounts) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="149"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="73"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR> Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR> Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR> Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Class A Shares<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,758,734</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>226,752</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>27,566,815</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>218,532</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,987,017</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>213,533</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock appreciation rights exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>130,932</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>211</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>101,107</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>239</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,261</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>202</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Share options exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>113,085</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,109</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,495</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>60</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,625</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>370</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares acquired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(230,262</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,121</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(282,954</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,480</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(156,481</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(596</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Issuance of restricted stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>504,919</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,257</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,367,271</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>11,401</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>620,393</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,023</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>29,277,408</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>228,208</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28,758,734</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>226,752</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>27,566,815</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>218,532</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Class B Shares<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,503</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,503</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,503</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares converted to<BR> Class B shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,503</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,503</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,503</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Share Capital to Be Issued<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Shares to be issued as deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>424</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Shares issued as deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>424</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Additional Paid-In Capital<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,174</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,470</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,709</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>14,954</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,720</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Reclassification related to redeemable noncontrolling interests (Note 2)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(31,653</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Changes in redemption value of redeemable noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(24,532</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,500</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(58</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">48</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR> CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY&nbsp;&#151;&nbsp;(continued)<BR>(Thousands of United States Dollars Except Share and per Share Amounts) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="149"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="73"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR> Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR> Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of<BR> Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquisition of redeemable noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,328</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,761</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(923</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of redeemable noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,147</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>158</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Dividends paid and to be paid</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(21,511</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10,194</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquisition purchase price adjustments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,007</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Issuance of restricted stock</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,257</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(11,401</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,023</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Share appreciation rights exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(211</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(239</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(202</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Option exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(23</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(157</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Transfer to charges in excess of capital</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,293</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16,809</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>9,174</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Changes in Excess<BR> of Capital<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(16,809</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Transfer from additional paid in capital</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(28,293</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(16,809</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(45,102</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(16,809</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Accumulated Deficit<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(146,600</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(131,160</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(112,836</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net loss attributable to MDC Partners</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(84,674</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(15,440</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(18,324</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(231,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(146,600</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(131,160</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Stock Subscription Receivable<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(135</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(341</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(354</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Receipts</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>206</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>13</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(135</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(341</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Accumulated Other Comprehensive Income (Loss)<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,148</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,880</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,633</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign currency translation adjustments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(510</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,732</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>753</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(4,658</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(4,148</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(5,880</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>MDC Partners Inc. Shareholders&#146; Equity</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(52,456</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>59,061</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>90,326</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">49</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES<BR>&nbsp;&nbsp;<BR> CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY&nbsp;&#151;&nbsp;(continued)<BR>(Thousands of United States Dollars Except Share and per Share Amounts) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="149"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="70"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="73"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number of Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Noncontrolling interests<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at beginning<BR> of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,805</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,820</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>871</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase in noncontrolling interest from acquisition</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,706</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>28,990</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,039</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Decrease in noncontrolling interests from business combinations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(127</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(106</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Increase in noncontrolling interests from business combinations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>118</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign currency translation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>16</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at end of year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>39,515</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>32,805</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,820</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total Equity </TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(12,941</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>91,866</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>94,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">&nbsp;<BR>&nbsp;<BR><I>The accompanying notes to the consolidated financial statements are an integral part of these statements.</I> </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">50</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">1. Basis of Presentation </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftNCFS"></a>MDC Partners Inc. (the &#147;Company&#148;) has prepared the consolidated financial statements included herein pursuant to the rules and regulations of the United States Securities and Exchange Commission (the &#147;SEC&#148;) and in accordance with generally accepted accounting principles (&#147;GAAP&#148;) of the United States of America (&#147;US GAAP&#148;). </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective December 2011, one of the Company&#146;s operating divisions, Performance Marketing Group (a division of Accent) has been deemed a discontinued operation. All periods have been restated to reflect the discontinued operation. For further information see Note 10 &#147;Discontinued Operations.&#148; </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Nature of Operations </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC Partners Inc., formerly MDC Corporation Inc., is incorporated under the laws of Canada. The Company commenced using the name MDC Partners Inc. on November 1, 2003 and legally changed its name through amalgamation with a wholly-owned subsidiary on January 1, 2004. The Company&#146;s operations are in primarily one business group&nbsp;&#151;&nbsp;Marketing Communications. The business group operates primarily in the United States (&#147;US&#148;), Canada, Europe, and in the United Kingdom. See Note 15, &#147;Segment Information&#148;, for further description of the one business group and MDC&#146;s reportable segments. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s significant accounting policies are summarized as follows: </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Principles of Consolidation.</I>&nbsp;&nbsp;The accompanying consolidated financial statements include the accounts of MDC Partners Inc. its domestic and international controlled subsidiaries. Intercompany balances and transactions have been eliminated on consolidation. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Use of Estimate.</I>&nbsp;&nbsp;The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities including goodwill, intangible assets, valuation allowances for receivables and deferred tax assets and the reported amounts of revenue and expenses during the reporting period. The estimates are evaluated on an ongoing basis and estimates are based on historical experience, current conditions and various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those
estimates. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Fair Value.</I>&nbsp;&nbsp;The Company applies the fair value measurement guidance of Codification Topic 820, Fair Value Measurements and Disclosure for financial assets and liabilities that are required to be measured at fair value and for nonfinancial assets and liabilities that are not required to be measured at fair value on a recurring basis, including goodwill and other identifiable intangible assets. The measurement of fair value requires the use of techniques based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The
inputs create the following fair value hierarchy: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">Level 1&nbsp;&#151;&nbsp;Quoted prices for identical instruments in active markets. </TD>

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</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">Level 2&nbsp;&#151;&nbsp;Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations where inputs are observable or where significant value drivers are observable. </TD>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">Level 3&nbsp;&#151;&nbsp;Instruments where significant value drivers are unobservable to third parties. </TD>

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</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">51</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">When available, quoted market prices are used to determine the fair value of our financial instruments and classify such items in Level 1. In some cases, quoted market prices are used for similar instruments in active markets and classify such items in Level 2. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Concentration of Credit Risk.</I>&nbsp;&nbsp;The Company provides marketing communications services to clients who operate in most industry sectors. Credit is granted to qualified clients in the ordinary course of business. Due to the diversified nature of the Company&#146;s client base, the Company does not believe that it is exposed to a concentration of credit risk; however, no client accounted for more than 10% of the Company&#146;s consolidated accounts receivable as of December 31, 2011 and 2010. No clients accounted for 10% of revenue in the year ended December 31, 2011 and 2010 and one client accounted for 16% of revenue for the year ended
December 31, 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Cash and Cash Equivalents.</I>&nbsp;&nbsp;The Company&#146;s cash equivalents are primarily comprised of investments in overnight interest-bearing deposits, commercial paper and money market instruments and other short-term investments with original maturity dates of three months or less at the time of purchase. The Company has a concentration of credit risk in that there are cash deposits in excess of federally insured amounts. Included in cash and cash equivalents at December 31, 2011 and 2010 is $46 and $64, respectively, of cash restricted as to withdrawal pursuant to a collateral agreement and a customer&#146;s contractual requirement. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Allowance for Doubtful Accounts.</I>&nbsp;&nbsp;Trade receivables are stated at invoiced amounts less allowances for doubtful accounts. The allowances represent estimated uncollectible receivables associated with potential customer defaults usually due to customers&#146; potential insolvency. The allowances include amounts for certain customers where a risk of default has been specifically identified. The assessment of the likelihood of customer defaults is based on various factors, including the length of time the receivables are past due, historical experience and existing economic conditions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Expenditures Billable to Clients.</I>&nbsp;&nbsp;Expenditures billable to clients consist principally of outside vendors costs incurred on behalf of clients when providing advertising, marketing and corporate communications services to clients that have not been invoiced. Such amounts are invoiced to clients at various times over the course of the production process. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Fixed Assets.</I>&nbsp;&nbsp;Fixed assets are stated at cost, net of accumulated depreciation. Computers, furniture and fixtures are depreciated on a straight-line basis over periods of 3 to 7 years. Leasehold improvements are depreciated on a straight-line basis over the lesser of the term of the related lease or the estimated useful life of the asset. Repairs and maintenance costs are expensed as incurred. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Impairment of Long-lived Assets.</I>&nbsp;&nbsp;In accordance with the FASB Accounting Standards Codification topic, Accounting for the Impairment or Disposal of Long-lived Assets, a long-lived asset or asset group is tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. When such events occur, the Company compares the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of the long-lived asset or asset group. If this comparison indicates that there is an impairment, the amount of the
impairment is typically calculated using discounted expected future cash flows where observable fair values are not readily determinable. The discount rate applied to these cash flows is based on the Company&#146;s weighted average cost of capital, risk adjusted where appropriate. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Equity Method Investments.</I>&nbsp;&nbsp;The equity method is used to account for investments in entities in which the Company has an ownership interest of less than 50% and has significant influence, or joint control by contractual arrangement with all parties having an equity interest, over the operating and financial policies of the affiliate or has an ownership interest of greater than 50% however the substantive participating rights of the noncontrolling interest shareholders preclude the Company from exercising unilateral control over the operating and financial policies of the affiliate. The Company&#146;s investments accounted for using
the equity method includes Adrenalina, 49.9% owned by the Company, and a 50% undivided interest in a real estate </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">52</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">joint venture. In 2010, the Company recorded a distribution of $3,519 from this real estate joint venture, of which $2,601 was in excess of the Company&#146;s carrying amount and has been recorded as a gain in equity in earnings of non-consolidated affiliates. The Company&#146;s management periodically evaluates these investments to determine if there has been a decline in value that is other than temporary. As of December 31, 2011and 2010, the Company has written off the amount of its investment in Adrenalina of $39 and $1,636 representing advances previously made. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Cost Method Investments.</I>&nbsp;&nbsp;The Company&#146;s cost-based investments at December 31, 2011 were primarily comprised of various interests in limited partnerships and companies where the Company does not exercise significant influence over the operating and financial policies of the investee. The total net cost basis of these investments, which are included in Other Assets on the balance sheet, as of December 31, 2011 and 2010 was $8,785 and $4,650, respectively. These investments are periodically evaluated to determine if there have been any other than temporary declines below book value. A variety of factors are considered when
determining if a decline in fair value below book value is other than temporary, including, among others, the financial condition and prospects of the investee, as well as the Company&#146;s investment intent. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Goodwill and Indefinite Lived Intangible.</I>&nbsp;&nbsp;In accordance with the FASB Accounting Standards Codification topic, Goodwill and Other Intangible Assets, goodwill and indefinite life intangible assets (trademarks) acquired as a result of a business combination which are not subject to amortization are tested for impairment annually, and more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset&#146;s fair value. For goodwill, this determination is made at the reporting unit level and consists of two steps. First, the
Company determines the fair value of a reporting unit and compares it to its carrying amount. Fair value is determined based on earnings multiples of each subsidiary. Second, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit&#146;s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation, in accordance with the FASB Accounting Standards Codification topic, Business Combinations. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The fair value of a reporting unit was estimated using a combination of the income approach, which incorporates the use of the discounted cash flow method. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has determined that each partner firm that has reported goodwill will be tested separately as each partner firm qualifies as a reporting unit under the Accounting Standards Codification guidance. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Impairment losses, where applicable, will be charged to operating profit. The Company identifies certain intangible assets (trademarks) as indefinite life if there are no legal, regulatory, contractual or economic factors that limit the useful life. If the carrying amount of an indefinite life intangible exceeds its fair value, an impairment loss is recognized for the excess. As of December 31, 2011, there was no impairment of goodwill and no reporting units were at risk of failing step one of annual test. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Definite Lived Intangible Assets.</I>&nbsp;&nbsp;In accordance with the FASB Accounting Standards Codification, acquired intangibles, are subject to amortization over their useful lives. The method of amortization selected reflects the pattern in which the economic benefits of the specific intangible asset is consumed or otherwise used up. If that pattern cannot be reliably determined, a straight-line amortization method is used over the estimated useful life. Intangible assets that are subject to amortization are reviewed for potential impairment at least annually or whenever events or circumstances indicate that carrying amounts may not be
recoverable. See also Note 8. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">53</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Deferred Taxes.</I>&nbsp;&nbsp;The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for the temporary difference between the financial reporting basis and tax basis of the Company&#146;s assets and liabilities. Deferred tax benefits result principally from certain tax carryover benefits and from recording certain expenses in the financial statements that are not currently deductible for tax purposes and from differences between the tax and book basis of assets and liabilities recorded in connection with acquisitions. Deferred tax assets are reduced by a valuation allowance when, in the
opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax liabilities result principally from deductions recorded for tax purposes in excess of that recorded in the financial statements or income for financial statement purposes in excess of the amount for tax purposes. The effect of changes in tax rates is recognized in the period the rate change is enacted. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Business Combinations.</I>&nbsp;&nbsp;Valuation of acquired companies are based on a number of factors, including specialized know-how, reputation, competitive position and service offerings. The Company&#146;s acquisition strategy has been focused on acquiring the expertise of an assembled workforce in order to continue to build upon the core capabilities of its various strategic business platforms to better serve the Company&#146;s clients. Consistent with the acquisition strategy and past practice of acquiring a majority ownership position, most acquisitions completed in 2011 included an initial payment at the time of closing and provide for
future additional contingent purchase price payments. Contingent payments for these transactions, as well as certain acquisitions completed in prior years, are derived using the performance of the acquired entity and are based on pre-determined formulas. Contingent purchase price obligations for acquisitions completed prior to January 1, 2009 are accrued when the contingency is resolved and payment is certain. Contingent purchase price obligations related to acquisitions completed subsequent to December 31, 2010 are recorded as liabilities at estimated value and are remeasured at each reporting period and changes in estimated value are recorded in results of operations. For the year ended December 31, 2011, $12,623 related to changes in estimated value have been recorded as operating expenses. For the years ended December 31, 2010 and 2009, $778 and nil, respectively, related to changes in estimated value have been charged to operating income. In addition, certain acquisitions also
include put/call obligations for additional equity ownership interests. The estimated value of these interests are recorded as Redeemable Noncontrolling Interests. As of January 1, 2009, the Company expenses acquisition related costs in accordance with the Accounting Standard&#146;s Codification&#146;s new guidance on acquisition accounting. For the year ended December 31, 2011, 2010 and 2009 $3,819, $4,025 and $416, respectively, of acquisition related costs were charged to operations. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For each of the Company&#146;s acquisitions, we undertake a detailed review to identify other intangible assets and a valuation is performed for all such identified assets. We use several market participant measurements to determine estimated value. This approach includes consideration of similar and recent transactions, as well as utilizing discounted expected cash flow methodologies. Like most service businesses, a substantial portion of the intangible asset value that we acquire is the specialized know-how of the workforce, which is treated as part of goodwill and is not required to be valued separately. The majority of the value of the
identifiable intangible assets acquired is derived from customer relationships, including the related customer contracts, as well as trade names. In executing the Company&#146;s acquisition strategy, one of the primary drivers in identifying and executing a specific transaction is the existence of, or the ability to, expand existing client relationships. The expected benefits of the Company&#146;s acquisitions are typically shared across multiple agencies and regions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Redeemable Noncontrolling Interest.</I>&nbsp;&nbsp;The minority interest shareholders of certain subsidiaries have the right to require the Company to acquire their ownership interest under certain circumstances pursuant to a contractual arrangement and the Company has similar call options under the same contractual terms. The amount of consideration under the put and call rights is not a fixed amount, but rather is dependent upon various valuation formulas and on future events, such as the average earnings of the relevant subsidiary through the date of exercise, the growth rate of the earnings of the relevant subsidiary through the date of
exercise, etc. as described in Note 17. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">54</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has recorded its put options as mezzanine equity at their current estimated redemption amounts. The Company accrues changes in the redemption amounts over the period from the date of issuance to the earliest redemption date of the put options. The Company accounts for the put options with a charge to noncontrolling interests to reflect the excess, if any, of the estimated exercise price over the estimated fair value of the noncontrolling interest shares at the date of the option being exercised. For the three years ended December 31, 2011, 2010 and 2009, there has been no charges to noncontrolling interests. Changes in the estimated
redemption amounts of the put options are adjusted at each reporting period with a corresponding adjustment to equity. These adjustments will not impact the calculation of earnings per share. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table presents changes in Redeemable Noncontrolling Interests. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="360"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beginning Balance as of January 1,</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,560</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,751</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Reclassification related to Redeemable Noncontrolling Interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>31,653</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Redemptions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,068</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,987</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(28,242</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,318</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,567</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,441</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Changes in redemption value</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,532</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,075</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>58</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Currency translation adjustments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(910</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,177</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,960</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Ending Balance as of December 31,</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>107,432</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>77,560</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>33,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Guarantees.</I>&nbsp;&nbsp;Guarantees issued or modified by the Company to third parties after January 1, 2003 are generally recognized, at the inception or modification of a guarantee, as a liability for the obligations it has undertaken in issuing the guarantee, including its ongoing obligation to stand ready to perform over the term of the guarantee in the event that the specified triggering events or conditions occur. The initial measurement of that liability is the fair value of the guarantee. The recognition of the liability is required even if it is not probable that payments will be required under the guarantee. The Company&#146;s
liability associated with guarantees is not significant. (See Note 17.) </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Revenue Recognition.</I>&nbsp;&nbsp;The Company&#146;s revenue recognition policies are as required by the Revenue Recognition topics of the FASB Accounting Standards Codification, and accordingly, revenue is generally recognized as services are provided or upon delivery of the products when ownership and risk of loss has transferred to the customer, the selling price is fixed or determinable and collection of the resulting receivable is reasonably assured. The Company follows the Revenue Arrangements with Multiple Deliverables topic of the FASB Accounting Standards Codification issued. This topic addresses certain aspects of the accounting by a
vendor for arrangements under which it will perform multiple revenue-generating activities and how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting. The Company also follows the topic of the FASB Accounting Standards Codification. Reporting Revenue Gross as a Principal versus Net as an Agent. This Issue summarized the EITF&#146;s views on when revenue should be recorded at the gross amount billed because it has earned revenue from the sale of goods or services, or the net amount retained because it has earned a fee or commission. The Company also follows Income Statement Characterization of Reimbursements Received for Out-of-Pocket Expenses Incurred, for reimbursements received for out-of-pocket expenses. This issue summarized the EITF&#146;s views that reimbursements received for out-of-pocket expenses incurred should be characterized in the income statement as revenue. Accordingly, the Company has included in revenue such
reimbursed expenses. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">55</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company earns revenue from agency arrangements in the form of retainer fees or commissions; from short-term project arrangements in the form of fixed fees or per diem fees for services; and from incentives or bonuses. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Non refundable retainer fees are generally recognized on a straight line basis over the term of the specific customer arrangement. Commission revenue is earned and recognized upon the placement of advertisements in various media when the Company has no further performance obligations. Fixed fees for services are recognized upon completion of the earnings process and acceptance by the client. Per diem fees are recognized upon the performance of the Company&#146;s services. In addition, for certain service transactions, which require delivery of a number of service acts, the Company uses the Proportional Performance model, which generally results in
revenue being recognized based on the straight-line method. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Fees billed to clients in excess of fees recognized as revenue are classified as Advanced Billings. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A small portion of the Company&#146;s contractual arrangements with customers includes performance incentive provisions, which allows the Company to earn additional revenues as a result of its performance relative to both quantitative and qualitative goals. The Company recognizes the incentive portion of revenue under these arrangements when specific quantitative goals are assured, or when the company&#146;s clients determine performance against qualitative goals has been achieved. In all circumstances, revenue is only recognized when collection is reasonably assured. The Company records revenue net of sales and other taxes due to be collected and
remitted to governmental authorities. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Cost of Services Sold.</I>&nbsp;&nbsp;Costs of services sold do not include depreciation charges for fixed assets. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Interest Expense.</I>&nbsp;&nbsp;Interest expense primarily consists of the cost of borrowing on the revolving WF Credit Agreement and the 11% Notes. The Company uses the effective interest method to amortize the original issue discount on the 11% Notes. At December 31, 2011, 2010 and 2009, $232, $848 and $204 was amortized, respectively, net of amortized premium of $943, $197 and nil, respectively. The Company amortizes deferred financing costs using the effective interest method over the life of the 11% notes and straightline over the life of the revolving WF Credit Agreement. The total net deferred financing costs, included in Other Assets on
the balance sheet, as of December 31, 2011 and 2010 was $11,715, and $10,605, net of accumulated amortization of $3,526 and $1,583, respectively. During 2011, the Company recorded $3,053 of deferred financing costs primarily relating to the 2011 expansion of the credit agreement and the 2011 additional debt issuance. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Stock-Based Compensation.</I>&nbsp;&nbsp;Under the fair value method, compensation cost is measured at fair value at the date of grant and is expensed over the service period, that is the award&#146;s vesting period. When awards are exercised, share capital is credited by the sum of the consideration paid together with the related portion previously credited to additional paid-in capital when compensation costs were charged against income or acquisition consideration. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company uses its historical volatility derived over the expected term of the award, to determine the volatility factor used in determining the fair value of the award. The Company uses the &#147;simplified&#148; method to determine the term of the award due to the fact that historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Stock-based awards that are settled in cash or may be settled in cash at the option of employees are recorded as liabilities. The measurement of the liability and compensation cost for these awards is based on the fair value of the award, and is recorded into operating income over the service period, that is the vesting period of the award. Changes in the Company&#146;s payment obligation prior to the settlement date are recorded as compensation cost in operating income in the period of the change. The final payment amount for such awards is established on the date of the exercise of the award by the employee. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">56</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Stock-based awards that are settled in cash or equity at the option of the Company are recorded at fair value on the date of grant and recorded as additional paid-in capital. The fair value measurement of the compensation cost for these awards is based on using the Black-Scholes option pricing-model and is recorded in operating income over the service period, that is the vesting period of the award. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The fair value of the stock options and similar awards at the grant date were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for each of the following years: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="446"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="92"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Year Ended<BR> December 31, 2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expected dividend</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>&#36;0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expected volatility</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>39.8&#37;&nbsp;&#150;&nbsp;44.5&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Risk-free interest rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: center" ROWSPAN=1 COLSPAN=1>1.76&#37;&nbsp;&#150;&nbsp;2.49&#37;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Expected option life in years</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Weighted average fair value of options granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#36;1.18</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For the years ended December 31, 2011 and 2010, the Company did not issue any stock options or similar awards. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2011, the Company issued Equity Value Appreciation Awards to its employees. These awards may result in the issuance of up to 1,413,000 restricted stock units and restricted stock shares, but only upon the achievement of extraordinary stock performance targets. The Company measured the fair value of these awards using a lattice based model (Monte Carlo) on the date of grant. The Company used the following assumptions in calculating the fair value under the lattice model; risk free rate 1.2%, volatility 31.7%, time to maturity 2.93 years, the weighted average fair value of the awards granted was $9.37. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">It is the Company&#146;s policy for issuing shares upon the exercise of an equity incentive award to verify the amount of shares to be issued, as well as the amount of proceeds to be collected (if any) and delivery of new shares to the exercising party. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has adopted the straight-line attribution method for determining the compensation cost to be recorded during each accounting period. However, awards based on performance conditions are recorded as compensation expense when the performance conditions are expected to be met. The fair value at the grant date for performance based awards granted in 2011 and 2010 was $20,188 and $6,649, respectively. There were no performance based awards granted during 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company treats benefits paid by shareholders to employees as a stock based compensation charge with a corresponding credit to additional paid-in capital. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Pension Costs.</I>&nbsp;&nbsp;Several of the Company&#146;s US and Canadian subsidiaries offer employees access to certain defined contribution pension programs. Under the defined contribution plans, these subsidiaries, in some cases, make annual contributions to participants&#146; accounts which are subject to vesting. The Company&#146;s contribution expense pursuant to these plans was $2,356, $1,655 and $1,026 for the years ended December 31, 2011, 2010 and 2009, respectively. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Earnings per Common Share.</I>&nbsp;&nbsp;Basic earnings per share is based upon the weighted average number of common shares outstanding during each period, including the &#147;Share capital to be issued&#148; as reflected in the Shareholders&#146; Equity on the balance sheet. Diluted earnings per share is based on the above, plus, if dilutive, common share equivalents, which include outstanding options, warrants, stock appreciation rights, restricted stock units and convertible notes. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">57</P>

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2. Significant Accounting Policies &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Subsidiary and Affiliate Stock Transactions.</I>&nbsp;&nbsp;In accordance with Accounting Standards Codification Topic on Business combinations, effective January 1, 2009, transactions involving purchases, sales or issuances of stock of a subsidiary where control is maintained are recorded as an increase or decrease in additional paid-in capital. In transactions involving subsidiary stock where control is lost, gains and losses are recorded in results of operations. Gains and losses from transactions involving stock of an affiliate are recorded in results of operations until control is achieved. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Foreign Currency Translation.</I>&nbsp;&nbsp;The Company&#146;s financial statements were prepared in accordance with the requirements of the Foreign Currency Translation topic of the FASB Accounting Standards Codification. The functional currency of the Company is the Canadian dollar and it has decided to use US dollars as its reporting currency for consolidated reporting purposes. All of the Company&#146;s subsidiaries use their local currency as their functional currency. Accordingly, the currency impacts of the translation of the balance sheets of the Company&#146;s non-US dollar based subsidiaries to US dollar statements are included as
cumulative translation adjustments in accumulated other comprehensive income. Translation of intercompany debt, which is not intended to be repaid, is included in cumulative translation adjustments. Cumulative translation adjustments are not included in net earnings unless they are actually realized through a sale or upon complete or substantially complete liquidation of the Company&#146;s net investment in the foreign operation. Translation of current intercompany balances are included in net earnings. The balance sheets of non-US dollar based subsidiaries are translated at the period end rate. The income statements of non-US dollar based subsidiaries are translated at average exchange rates for the period. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Gains and losses arising from the Company&#146;s foreign currency transactions are reflected in net earnings. Unrealized gains or losses arising on the translation of certain intercompany foreign currency transactions that are of a long-term nature (that is settlement is not planned or anticipated in the future) are included as cumulative translation adjustments in accumulated other comprehensive income. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Derivative Financial Instruments.</I>&nbsp;&nbsp;The Company follows Accounting for Derivative Instruments and Hedging Activities. Topic of the FASB Accounting Standards Codification establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts and debt instruments) be recorded in the balance sheet as either an asset or liability measured at its fair value. The accounting for the change in fair value of the derivative depends on whether the instrument qualifies for and has been designated as a hedging relationship and on the type of hedging
relationship. There are three types of hedging relationships: a cash flow hedge, a fair value hedge and a hedge of foreign currency exposure of a net investment in a foreign operation. The designation is based upon the exposure being hedged. Derivatives that are not hedges, or become ineffective hedges, must be adjusted to fair value through earnings. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">58</P>

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<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">3. Loss per Common Share </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table sets forth the computation of basic and diluted loss per common share from continuing operations for the years ended December 31: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="294"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Numerator<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Numerator for diluted loss per common share&nbsp;&#150;&nbsp;<BR>loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,559</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,417</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,578</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net income attributable to the noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,074</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,566</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Loss attributable to MDC Partners Inc. common shareholders from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(83,313</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(11,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(15,144</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Effect of dilutive securities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Numerator for diluted income per common share&nbsp;&#150;&nbsp;<BR>loss attributable to MDC Partners Inc. common shareholders from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(83,313</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(11,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(15,144</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold" ROWSPAN=1 COLSPAN=1>Denominator<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Denominator for basic loss per common share&nbsp;&#150;&nbsp;<BR>weighted average common shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>29,120,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>28,161,144</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>27,396,463</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Effect of dilutive securities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Employee stock options, warrants, and stock appreciation rights</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Employee restricted stock units</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; font-weight: bold; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Dilutive potential common shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Denominator for diluted loss per common share&nbsp;&#150;&nbsp;<BR>adjusted weighted shares and assumed conversions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>29,120,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>28,161,144</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>27,396,463</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Basic loss per common share from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(2.86</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Diluted loss per common share from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(2.86</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(0.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011, 2010 and 2009 convertible notes, warrants, options and other rights to purchase, 5,211,668, 4,665,293 and 5,240,879 shares of common stock, respectively, were not included in the computation of diluted loss per common share because doing so would have had an antidilutive effect. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pro forma financial information has not been presented for the 2011 acquisitions noted below since they did not have a material effect on the Company&#146;s operating results. Included in the Company&#146;s consolidated statement of operations for the year ended December 31, 2011 was revenue of $68,869 and a net loss of $7,219 related to the 2011 acquisitions. The Company assumed accounts receivable of $35,200 and accounts payable of $65,718 as of the acquisition dates. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Fourth Quarter 2011 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the quarter ended December 31, 2011, the Company completed a number of transactions. The Company, through a wholly-owned subsidiary, acquired substantially all of the assets of RJ Palmer LLC and a 75% interest in Trade X Partners LLC (&#147;Trade X&#148;). These acquisitions expand the Company&#146;s portfolio with another full service media buying agency as well as provides corporate bartering services to clients and are included in the Performance Marketing Services segment. The Company also entered into a transaction through its subsidiary Kwittken PR LLC (&#147;Kwittken&#148;) acquired 100% of Epoch PR Limited. Epoch is a </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">communications and PR agency and expands Kwittken&#146;s capabilities to London and is included in the Strategic Marketing Services segment. The Company also acquired a 51% interest in AIC Publishing Services LP (&#147;AIC&#148;). In addition, the Company increased its ownership to 85.3% of Veritas, to 94.0% of 656712 Ontario Limited (&#147;Onbrand&#148;), to 66.3% of 6Degrees Integrated Communications and 85% of Boom Marketing Inc. The aggregate purchase price for these transactions has an estimated present value at acquisition date of $26,659 and consisted of total closing cash payments of $12,769, and additional contingent deferred acquisition
consideration, that are based on actual financial results of the underlying businesses from 2011 to 2016 with final payments due in 2017 with an estimated present value at acquisition date of $15,944. An allocation of the excess purchase consideration of these acquisitions to the fair value of the net assets acquired resulted in identifiable intangibles of $5,434 consisting primarily of customer lists and covenants not to compete, and goodwill of $25,091 representing the value of assembled workforce. The identified intangible assets will be amortized from a five to seven year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. In addition, the Company has recorded $1,237, the present value of redeemable noncontrolling interest in relation to Trade X. The founder of Trade X has the put option rights only upon termination without cause, disability, or death. The Company recorded $229, the present value of
noncontrolling interest in relationship to AIC. The Company also recorded an entry to reduce noncontrolling interests by $2,017 and additional paid-in-capital of $1,328. The intangibles and goodwill of $28,252 are tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The actual adjustments that the Company will ultimately make in finalizing the allocation of purchase price to fair value of the net assets acquired, will depend on a number of factors, including additional information such as changes in the unaudited financial statements. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Third Quarter 2011 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the quarter ended September 30, 2011, the Company completed a number of acquisitions. The Company, through a wholly-owned subsidiary, purchased a 70% interest in Concentric Partners, LLC (&#147;Concentric&#148;) and a 65% interest in Laird + Partners, New York LLC (&#147;Laird&#148;). The Concentric acquisition is expected to serve as the foundation of the Company&#146;s healthcare platform. The Laird acquisition increases the Company&#146;s positioning in the luxury goods and retail marketplace. Concentric and Laird are now included in the Company&#146;s Strategic Marketing Services segment. In addition, the Company increased its ownership to
100% of Redscout LLC (&#147;Redscout&#148;), 82% of VitroRobertson LLC (&#147;Vitro&#148;), and 91.8% of The Northstar Group of companies. The aggregate purchase price for these transactions has an estimated present value at acquisition date of $37,914 and consisted of total closing cash payments of $15,972, additional contingent deferred acquisition consideration, that are based on actual financial results of the underlying businesses from 2011 to 2016 with final payments due in 2017 with an estimated present value at acquisition date of $21,796. During the fourth quarter of 2011, the Company paid a $572 working capital payment. An allocation of the excess purchase consideration of these acquisitions to the fair value of the net assets acquired resulted in identifiable intangibles of $4,205 consisting primarily of customer lists and covenants not to compete, and goodwill of $36,664 representing the value of assembled workforce. The identified intangible assets will be amortized from a
five to seven year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. In addition, the Company has recorded $5,045, the present value of redeemable noncontrolling interest in relation to Laird, and $6,478, the present value of noncontrolling interest in relation to Concentric. The remaining principals of Laird have put option rights only upon termination without cause, disability, or death. The Company also recorded an entry to reduce noncontrolling interests by $1,297 and additional paid-in-capital of $4,251 and recorded shares to be issued of $424 in relation to the step ups. The intangibles and goodwill are tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The actual adjustments that the Company will ultimately make in finalizing the allocation of purchase price to fair value of the net assets acquired, will depend on a number of factors, including additional information such as changes in the unaudited financial statements. </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Second Quarter 2011 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the Quarter ended June 30, 2011, the Company increased ownership in Communifx Partners LLC (&#147;Communifx&#148;) by 1.3%, and increased its ownership of Varick Media Management LLC (&#147;Varick&#148;) to 100%. The aggregate purchase price for these two step up transactions has an estimated present value at acquisition date of $3,930 and is recorded as deferred acquisition consideration, of which the Company paid $81. Both of these step-up transactions were subject to put options. The Company recorded an entry to reduce redeemable noncontrolling interests by $4,440 and recorded an increase to additional-paid-in-capital of $509. The amounts
to be paid will be tax deductible. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">First Quarter 2011 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective January 31, 2011, the Company, through a wholly-owned subsidiary, purchased 60% of the total outstanding membership interests in Anomaly Partners, LLC (&#147;Anomaly&#148;). This acquisition expands the Company&#146;s portfolio with another creatively driven agency brand with an international presence. Anomaly is now included in the Company&#146;s Strategic Marketing Services segment. At closing, the Company paid cash of $15,000 plus additional contingent deferred acquisition consideration, based on actual results from 2010 to 2014 with final payments due in 2015, with an original estimated present value of $20,951 at the date of
acquisition. During 2011, the Company made a working capital payment of $1,854. An initial estimated allocation of the excess purchase consideration of this acquisition to the fair value of the net assets acquired resulted in identifiable intangibles of $4,000 (consisting primarily of customer lists and a covenant not to compete) and goodwill of $22,297 representing the value of the assembled workforce. The fair value of the noncontrolling interest not acquired at the acquisition date was $7,890 based on the Company&#146;s evaluation of the Company being acquired and the purchase price paid by the Company and has been recorded as redeemable noncontrolling interests due to put option rights which are triggered upon such owner&#146;s termination without cause, disability or death. The identified intangibles will be amortized ranging from a five to eight-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized.
The intangibles and goodwill are tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The actual adjustments that the Company will ultimately make in finalizing the allocation of purchase price to fair value of the net assets acquired, will depend on a number of factors, including additional information such as changes in the unaudited financial statements. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2010 Acquisitions </H3>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Fourth Quarter 2010 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective November 30, 2010, the Company, through a wholly-owned subsidiary, purchased 80% of the total outstanding equity interests in each of Kenna Communications LP, an Ontario limited partnership (&#147;Kenna&#148;), and Capital C Partners LP, an Ontario limited partnership (&#147;Capital C&#148;). Capital C is a full-service marketing agency providing services such as business strategy and consumer insights, shopper monitoring, and product innovation. Kenna delivers sales and marketing solutions to make organizations more efficient, more productive and more effective. The aggregate purchase price was equal to $26,300 and additional deferred
acquisition consideration, with an original estimated present value at the acquisition date of $12,360, that is based upon actual results from 2010 to 2015 with final payments due in 2016 of which the Company paid $343 in 2011. In addition, performance payments of up to $5,000 may be paid in the future based on these results and will result in stock based compensation charges over that period. The Company recorded $19,905 as the present value of redeemable noncontrolling interest in relation to the Kenna and Capital C put option rights triggered upon such owner&#146;s termination without cause, disability or death. Beginning in 2016, the Company has a call for the remaining 20% of each of Kenna and Capital C. If the Company does not exercise this call, the operating results of Kenna and Capital C will be allocated to the Company on a basis less than the Company&#146;s ownership basis as defined. An initial estimated allocation of the excess purchase consideration of this acquisition to
the fair value of the net assets acquired resulted in </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">identifiable intangibles of $10,254 (consisting of primarily customer lists and a covenant not to compete) and goodwill of $47,297 representing the value of assembled workforce. The identified intangible assets will be amortized from a five to eight year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. The intangibles and goodwill are not tax deductible. Accordingly, the Company recorded a deferred tax liability of $3,188 representing the future benefits relating to the amortization of the identified intangibles. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the quarter ended December 31, 2010, the Company also completed a number of other acquisitions. The Company purchased a 51% interest in 72andSunny Partners LLC (&#147;72andSunny&#148;). 72andSunny is full service agency that conceives and executes fully integrated campaigns across all media for top global brands. The Company also increased its ownership of Allard Johnson Communications Inc. (now known as Kbs+p Canada, LP) (&#147;Kbs+p Canada&#148;) to 100%, and Company C Communications LLC (&#147;Company C&#148;) to 100%. The aggregate purchase price paid for these other acquisitions was equal to $35,859, and consisted of total closing cash
payments of $12,937, net of $790 repayment of loans; a $271 working capital adjustment; and additional contingent deferred acquisition consideration, that are based on actual financial results of the underlying business from 2010 to 2015 with final payments due in 2016 with an original estimated present value at acquisition date of $21,861, of which the Company paid $2,500 in December 2010 and $3,755 in 2011. An allocation of the excess purchase consideration of this acquisition to the fair value of the net assets acquired resulted in identifiable intangibles of $5,690, consisting primarily of customer lists and covenants not to compete, and goodwill of $35,322 representing the value of assembled workforce. The identified intangibles will be amortized ranging from a five to seven-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. In addition, the Company has recorded $13,722, the present value of
redeemable noncontrolling interest in relation to 72andSunny. 72andSunny has put option rights only upon such owner&#146;s termination without cause, disability or death. The Company also recorded an entry to reduce redeemable noncontrolling interests by $3,802 and additional paid-in-capital of $3,123 in relation to the Kbs+p Canada and Company C step up. The amounts paid and to be paid will be tax deductible in relation to the 72andSunny acquisition. However, it will not be tax deductible in relation to the Kbs+p Canada transaction. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Third Quarter 2010 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the quarter ended September 30, 2010, the Company completed a number of acquisitions. The Company purchased a 60% equity interest in Relevent Partners, LLC (&#147;Relevent&#148;), a 60% equity interest in Kwittken PR, LLC (&#147;Kwittken&#148;), and certain assets and liabilities of Think 360 Inc. (&#147;Think 360&#148;). Relevent is a full service marketing, special events, production and promotions company that builds brands with consumers through experiential lifestyle, entertainment and relationship marketing programs. Kwittken is a full service public relations and marketing agency. Think 360 is an integrated marketing agency. The
aggregate purchase price paid for these acquisitions consisted of total closing cash payments of $15,085, plus additional contingent deferred acquisition consideration, that are based on the actual financial results of the underlying businesses from 2010 to 2014, with final payments due in 2015 with an original estimated present value at acquisition date of $14,898 of which the Company paid $4,417 in 2011. An allocation of the excess purchase consideration of these acquisitions to the fair value of the net assets acquired resulted in identifiable intangibles of $4,974, consisting primarily of customer lists and covenants not to compete, and goodwill of $29,083 representing the value of the assembled workforce. The identified intangibles will be amortized ranging from a two to seven-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. The present value of the redeemable noncontrolling interest not
acquired at the acquisition date was $5,513. Relevent and Kwittken have put option rights upon an employee-owner&#146;s termination without cause, disability or death. The amounts paid and to be paid will be tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has also increased ownership to 100% of Zig Inc. (now known as Crispin Porter + Bogusky Canada LP (&#147;CPB Canada&#148;)) and purchased an additional 25% of Bruce Mau Design LLC., </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">62</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">increasing the Company&#146;s ownership to 75% The aggregate purchase price paid for these step-ups consisted of total closing cash payments of $3,115, plus the estimated present value at acquisition date of additional deferred acquisition consideration of $626. During the fourth quarter of 2010, and first nine months of 2011, the Company made payments of $47 and $684, respectively. In relation to these step-ups, the Company recorded an entry to reduce redeemable noncontrolling interests by $1,365 and an entry to reduce noncontrolling interests by $144. The Company recorded a reduction of additional paid-in capital of $2,296 representing the
difference between the fair value of the interest and the value of the redeemable noncontrolling interests. The amounts paid and to be paid will not be tax deductible. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Second Quarter 2010 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective May 6, 2010, the Company, through a wholly-owned subsidiary, purchased 75% of the total outstanding membership interests in Integrated Media Solutions Partners, LLC (&#147;IMS&#148;), which expands the Company&#146;s direct response marketing capabilities. At closing, the Company paid cash of $20,000 plus additional contingent deferred acquisition consideration, based on actual results from 2010 to 2015 with final payments due in 2016, with an original estimated present value of $19,658 at the date of acquisition which includes fixed payments of $2,216. During 2010 and 2011, the Company made payments of $666 and $5,521, respectively. An
initial estimated allocation of the excess purchase consideration of this acquisition to the fair value of the net assets acquired resulted in identifiable intangibles of $9,081 (consisting of primarily customer lists and a covenant not to compete) and goodwill of $44,678 representing the value of the assembled workforce. The fair value of the noncontrolling interest not acquired at the acquisition date was $13,219 based in the Company&#146;s evaluation of the Company being acquired and the purchase price paid by the Company. The identified intangibles will be amortized ranging from a five to seven-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. The intangibles and goodwill are tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the quarter ended June 30, 2010, the Company completed a number of acquisitions. The Company purchased a 51% equity interest in Allison &amp; Partners LLC (&#147;Allison&#148;), a 75% equity interest in Sloane &amp; Company LLC (&#147;Sloane&#148;), and certain assets and liabilities of CSC&nbsp;&#151;&nbsp;ADPLUS, LLC (d.b.a. Infolure) (&#147;Infolure&#148;). Allison is a full service public relations and corporate communications agency. Sloane is a communication firm focused on corporate positioning and communications, financial public relations and investor relations, and crisis and transactions communications. Infolure is a direct
marketing firm. The purchase price paid for these acquisitions consisted of aggregate cash payments of $17,632 plus additional contingent deferred acquisition consideration, that are based on actual results from 2010 to 2015 with final payments due in 2016 with an original estimated present value at acquisition date of $15,797 which includes fixed payments of $3,805. During 2010 and 2011, the Company made payments of $2,020 and $5,192, respectively. An allocation of the excess purchase consideration of these acquisitions to the fair value of the net assets acquired resulted in identifiable intangibles of $9,431 consisting primarily of customer lists and covenants not to compete, and goodwill of $27,697 representing the value of the assembled workforce. The identified intangibles will be amortized ranging from a five to seven-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. In addition, the Company
has recorded $6,024, the present value of redeemable noncontrolling interests in relation to Allison and Sloane. The Allison acquisition has put option rights upon termination of an employee-owner&#146;s employment by reason of death. The Sloane acquisition has put rights that could increase the Company&#146;s ownership to 100% in 2015. The amounts paid and to be paid will be tax deductible. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">First Quarter 2010 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective March 1, 2010, the Company, through a wholly-owned subsidiary, purchased 60% of the total outstanding membership interests in The Arsenal LLC (formerly known as Team Holdings LLC) (&#147;Team&#148;), which expands the Company&#146;s experiential marketing capabilities. At closing, the Company paid cash of $11,000 plus additional contingent deferred acquisition consideration, based on actual results from 2010 to </P>

</DIV>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2012 with final payments in 2013, with an original estimated present value of $12,656, and the Company paid a working capital true-up estimated at an additional $569. An initial estimated allocation of the excess purchase consideration of this acquisition to the fair value of the net assets acquired resulted in identifiable intangibles of $5,220 (consisting of primarily customer lists and a covenant not to compete) and goodwill of $32,993 representing the value of the assembled workforce. The fair value of the noncontrolling interest not acquired at the acquisition date was $15,771 based in the Company&#146;s evaluation of the Company being acquired
and the purchase price paid by the Company. The identified intangibles will be amortized up to a seven-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. During the second quarter of 2010, the Company amended the purchase agreement to include additional deferred acquisition consideration, with a current present value of $3,071, with final payments due in 2012. The additional deferred acquisition consideration resulted in additional intangibles of $3,071. During 2010 and 2011, the Company made payments of $986 and $8,112, respectively. The intangibles and goodwill are tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the three months ended March 31, 2010, the Company completed a number of other acquisitions and step-ups in ownership. The Company purchased a 76% equity interest in Communifx Partners LLC (&#147;Communifx&#148;), substantially all of the assets of Plaid Inc. (&#147;Plaid&#148;), an additional 15% equity interest in Fletcher Martin, LLC (&#147;Fletcher Martin&#148;), an additional 49% equity interest in Trend Core, LLC (&#147;Trend Core&#148;), and an additional 1% equity interest in HL Group Partners, LLC (&#147;HL Group&#148;). Communifx builds and manages large-scale customer database solutions to enable the planning, execution, and
measurement of multi-channel marketing and advertising programs. Plaid is a marketing services business with a concentration in the digital communication and social media arena. The Company purchased the additional equity interests in Fletcher Martin and HL Group pursuant to the exercise of outstanding puts. The purchase price paid for these acquisitions and step-ups consisted of aggregate cash payments of $4,921 plus additional contingent payments of $576 that are based on actual results from 2010 to 2015 with final payments due in 2016. During 2011, the Company made payments of $267. An allocation of the excess purchase consideration of these acquisitions to the fair value of the net assets acquired resulted in identifiable intangibles of $1,851 consisting primarily of customer lists and a covenant not to compete, and goodwill of $2,426 representing the value of the assembled workforce. The identified intangibles will be amortized up to a seven-year period in a manner represented by
the pattern in which the economic benefits of the customer contracts/relationships are realized. In addition, the Company has recorded $710, the present value of redeemable noncontrolling interests in relation to Communifx. The Communifx acquisition has put/call rights that could increase the Company&#146;s ownership to 100% in 2013. In relation to the step up acquisitions, the Company recorded an entry to reduce Redeemable Noncontrolling Interests by $1,116. The amount paid to the employee over fair value, $608, was recorded as a stock-based compensation charge. The Company recorded a reduction of additional paid-in capital of $1,623 representing the difference between the fair value of the shares and the value of the Redeemable Noncontrolling Interests. The amounts paid and to be paid will be tax deductible. </P>

</DIV>

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<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2009 Acquisitions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In December 2009, the Company paid an additional $38,974 pursuant to the CPB purchase agreement originally entered into in November 2008 with the founders of Crispin Porter &amp; Bogusky LLC (&#147;CPB&#148;). In connection with this transaction, the Company recorded $14,067 as deferred acquisition consideration, $1,450 was paid in January 2010, $433 was reversed as an adjustment and the balance was paid in April 2010. This purchase price payment was pursuant to an accelerated exercise of a call option that was exercised by the Company in November 2008 (the Company increased its ownership from 77% to 94%). Because CPB was originally consolidated as a
VIE, the Company reduced Redeemable Noncontrolling Interests by $17,809. The Company recorded additional goodwill of $31,253 and identifiable intangible backlog of $3,979. The amount recorded related to the 17% step up from November 2008. The backlog was amortized over one month. In addition, the Company recorded a stock-based charge of $3,074 for amounts paid by the former shareholder to CPB employees. The Goodwill will be tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On December 31, 2009, the Company acquired an additional 3% interest in VitroRobertson increasing its holdings from 79% to 82%. The purchase price totaled $845 and was paid in cash. The Company recorded an entry to reduce Redeemable Noncontrolling Interests by $266. The amount paid over fair value, $370, was recorded as a stock-based compensation charge. The Company recorded a reduction of additional paid-in capital of $209 representing the difference between the fair value of the shares and the value of the Redeemable Noncontrolling Interests. As this purchase was pursuant to the exercise of an existing put/call option, no additional intangibles
have been recorded. The Goodwill will be tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On December 1, 2009, the Company agreed to make an early payment to KBP Management Partners LLC originally due in March 2010 pursuant to the purchase agreement entered into in November 2007. The additional payment totaled $14,870, of which $10,140 was paid in cash in December 2009 and $4,215 was paid in March 2010 with the balance potentially due in March 2011, recorded as deferred acquisition consideration. This additional payment was accounted for as additional goodwill. In addition, pursuant to an existing phantom stock arrangement, a stock-based compensation charge of $3,028 has been recorded for amounts paid by KBP Management Partners to phantom
equity holders. The Goodwill will be tax deductible. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On October 5, 2009, the Company purchased the remaining 6% outstanding interest in CPB for an estimated fixed and contingent purchase price. The estimated purchase price of $9,818 is included in deferred acquisition consideration and includes $518 of fixed payments to be paid in 2013. The Company recorded a reduction of $8,596 to Redeemable Noncontrolling Interests and $704 to additional paid in capital. The fixed payments of $518 are allocated to identifiable intangibles and will be amortized over 3 years. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On August 31, 2009, the Company, through HL Group Partners LLC (&#147;HL Group&#148;), acquired a 51% interest in Attention Partners LLC (&#147;Attention&#148;), a social media agency that further expands HL Group&#146;s business capabilities. At closing, the HL Group paid $1,000 and made a capital contribution of $400 to Attention. In addition, HL Group recorded estimated contingent payments totaling $1,313 due in 2010 and 2011 as deferred acquisition consideration. During 2010, the Company paid $1,022 and recorded adjustments of $113 to increase the deferred acquisition consideration to $404 with the balance potentially due in March 2011. This was
paid in 2011. The allocation of the excess purchase consideration of this acquisition to the fair value of the net assets acquired resulted in identifiable intangibles of $544 (consisting of primarily of customer lists and a covenant not to compete) and goodwill of $3,057 representing the value of the assembled workforce. The fair value of the noncontrolling interests not acquired at the acquisition date was $2,431 based on the Company&#146;s evaluation of the Company being acquired, the purchase price paid by the Company. The identified intangibles will be amortized up to a three-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. The intangibles and goodwill are tax deductible. </P>

</DIV>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">4. Acquisitions &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On July 1, 2009, the Company, through Crispin Porter &amp; Bogusky LLC (&#147;CPB&#148;), acquired 100% of the preferred shares and 52% of the common shares of Crispin Porter &amp; Bogusky Europe AB (formerly known as &#147;daddy&#148;), a digital agency based in Sweden that has created a foothold in Europe for CPB. At closing, CPB paid $3,052 plus an additional $50 deferred payment. Also in December 2009, CPB called an additional 24% and made a payment of 80% of the purchase price of $188. An additional amount of $50 is recorded as deferred acquisition consideration. The Company has additional calls and the noncontrolling owners have reciprocal puts
on the remaining 24% of the common shares, which are exercisable beginning January 2012. The current estimated cost of these puts and calls is approximately $6,600 and has been recorded as Redeemable Noncontrolling Interests. The allocation of the excess purchase consideration of this acquisition to the fair value of the net assets acquired resulted in identifiable intangibles of $650 (consisting primarily of customer lists and a covenant not to compete) and goodwill of $8,533 representing the value of the assembled workforce. The identified intangibles will be amortized up to a three-year period in a manner represented by the pattern in which the economic benefits of the customer contracts/relationships are realized. The intangibles and goodwill are not tax deductible. Accordingly, CPB recorded a deferred tax liability of $221 representing the future tax benefits relating to the amortization of the identified intangibles. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective January 22, 2009, the Company acquired an additional 8.9% of equity interests in HL Group, thereby increasing MDC&#146;s ownership to 64.9%. The purchase price totaled $1,100 and was paid in cash at closing. The Company recorded an entry to reduce Redeemable Noncontrolling Interests, as this purchase was pursuant to the early exercise of an existing put/call option. Accordingly, no additional intangibles have been recorded. However, the amount of the purchase price will be tax deductible. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Noncontrolling Interests </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Changes in the Company&#146;s ownership interests in our less than 100% owned subsidiaries during the three years ended December 31, 2011 were as follows: </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Net Loss Attributable to MDC Partners Inc. and<BR> Transfers (to) from the Noncontrolling Interest </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Year Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net Loss attributable to MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(84,674</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(15,440</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(18,324</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transfers (to) from the noncontrolling interest<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Decrease in MDC Partners Inc. paid-in capital for purchase of equity interests in excess of Redeemable Noncontrolling Interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,328</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,761</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(923</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Increase (Decrease) in MDC Partners Inc. paid in capital from issuance of equity interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,147</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>158</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net transfers to noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,475</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,603</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(923</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Change from net loss attributable to MDC Partners Inc. and transfers to noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(92,149</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(23,043</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(19,247</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">66</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">5. Fixed Assets </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following is a summary of the fixed assets as of December 31: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>2010</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Cost</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accumulated<BR> Depreciation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Net Book<BR> Value</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Cost</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Accumulated<BR> Depreciation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Net Book<BR> Value</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Computers, furniture and fixtures</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>100,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(73,521</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,852</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>94,268</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(68,540</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,728</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Leasehold improvements</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>49,292</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(28,407</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>20,885</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,217</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(25,892</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,325</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>149,665</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(101,928</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>47,737</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>135,485</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(94,432</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>41,053</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Included in fixed assets are assets under capital lease obligations with a cost of $4,243, (2010&nbsp;&#151;&nbsp;$4,323) and accumulated depreciation of $2,816 (2010&nbsp;&#151;&nbsp;$2,421). Depreciation expense for the years ended December 31, 2011, 2010 and 2009 was $17,665, $16,447 and $16,087, respectively. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">6. Accrued and Other Liabilities </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011 and 2010, accrued and other liabilities included amounts due to noncontrolling interest holders, for their share of profits, which will be distributed within the next twelve months of $4,049 and $8,577, respectively. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Changes in noncontrolling interest amounts included in accrued and other liabilities for the three years ended December 31, 2011 were as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Noncontrolling<BR> Interests</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,856</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,566</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions made</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,784</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other<sup>&#040;1&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,420</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,058</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,074</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions made</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,685</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other<sup>&#040;2&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>2,130</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,577</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Distributions made</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,264</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other<sup>&#040;3&#041;</sup></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(18</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,049</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>


<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: left">Other consists primarily of an adjustment of stock based compensation charges to additional paid-in capital relating to obligations assumed by the non-controlling shareholders and cumulative translation adjustments. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(2)</TD>

          <TD STYLE="text-align: left">Other consists primarily of an adjustment to record distributions to be made as a result of an acquired company and cumulative translation adjustments. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(3)</TD>

          <TD STYLE="text-align: left">Other consists primarily of cumulative translation adjustments. </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">67</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">7. Financial Instruments </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Financial assets, which include cash and cash equivalents and accounts receivable, have carrying values which approximate fair value due to the short-term nature of these assets. Financial liabilities with carrying values approximating fair value due to short-term maturities include accounts payable. Deferred acquisition consideration is recorded at fair value. Bank debt and long-term debt are variable. rate debt, the carrying value of which approximates fair value. The Company&#146;s note payable is a fixed rate debt instrument, the carrying values of which approximates fair value. The fair value of financial commitments, guarantees and letters of
credit, are based on the stated value of the underlying instruments. Guarantees have been issued in conjunction with the disposition of businesses in 2001 and 2003 and letters of credit have been issued in the normal course of business. The fair value for the 11% notes was approximately $367,425 as of December 31, 2011. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">8. Goodwill and Intangible Assets </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, the gross and net amounts of acquired intangible assets were as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Goodwill</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Strategic<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Performance<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance of December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>248,114</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>53,518</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>301,632</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquired goodwill</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>78,147</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>132,497</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>210,644</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goodwill impairment</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(942</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(942</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign currency translation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,658</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,496</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,154</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance as of December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>326,977</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>187,511</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>514,488</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquired goodwill</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>61,944</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23,763</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,707</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Acquisition purchase price adjustments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,458</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,549</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,007</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign currency translation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(854</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,104</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,958</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance as of December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>389,525</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>215,719</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>605,244</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>For the Year Ended<BR> December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Intangibles:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Trademarks (indefinite life)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,780</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,780</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Customer relationships&nbsp;&#150;&nbsp;gross</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>79,154</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>68,603</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less accumulated amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(44,803</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(26,517</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Customer relationships&nbsp;&#150;&nbsp;net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,351</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>42,086</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other intangibles&nbsp;&#150;&nbsp;gross</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,202</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,926</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less accumulated amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,353</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(9,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other intangibles&nbsp;&#150;&nbsp;net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,849</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,267</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Total intangible assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>113,136</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>103,309</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less accumulated amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(55,156</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(36,176</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total intangible assets&nbsp;&#150;&nbsp;net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>57,980</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>67,133</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See Note 4 for Accounting for Business Combinations. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2010, the Company recorded a goodwill impairment charge of $942, which consists of $710 relating to Fearless and $232 relating to Zig US. Fearless was a start up company that the Company discontinued in June 2010. Zig US&#146;s business operations have been treated as discontinued as of September 30, 2010. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">68</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">8. Goodwill and Intangible Assets &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The total accumulated impairment charges totaled $24,845 through December 31, 2011. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The weighted average amortization periods for customer relationships are 5 years and other intangible assets are 6 years. In total, the weighted average amortization period is 5 years. The amortization expense of amortizable intangible assets for the year ended December 31, 2011, was $22,510 (2010&nbsp;&#151;&nbsp;$17,631; 2009&nbsp;&#151;&nbsp;$17,968) the estimated amortization expense for the five succeeding years is: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Year</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amortization</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,694</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2013</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,217</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2014</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,888</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2015</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,835</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2016</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>566</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9. Income Taxes </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The components of the Company&#146;s income (loss) from continuing operations before income taxes, equity in affiliates and noncontrolling interests by taxing jurisdiction for the years ended December 31, were: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,262</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,707</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,915</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Non-US</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(13,775</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,259</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(34,037</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(2,448</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(1,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The provision (benefit) for income taxes by taxing jurisdiction for the years ended December 31, were: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Current tax provision<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US federal</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US state and local</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>894</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>368</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,246</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Non-US</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>557</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>4,840</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>318</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,451</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>5,208</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,564</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred tax provision (benefit):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US federal</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,110</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>428</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8,681</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>US state and local</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,750</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>501</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,347</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Non-US</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(12,576</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(6,302</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,056</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,284</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,373</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,972</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Income tax provision (benefit)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>41,735</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(165</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">69</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9. Income Taxes &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A reconciliation of income tax expense using the statutory Canadian federal and provincial income tax rate compared with actual income tax expense for the years ended December 31, is as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes, equity in affiliates and noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34,037</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,448</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Statutory income tax rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>31.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>33.0</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Tax benefit using statutory income tax rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10,551</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(759</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(341</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>State and foreign taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,450</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,909</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,045</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Non-deductible stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,144</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,941</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,160</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other non-deductible expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,482</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>890</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>732</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Change to valuation allowance on items affecting taxable income</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>44,230</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,986</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,656</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Additional tax reserve</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,100</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,368</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,123</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,767</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Other, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>348</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(137</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Income tax expense (benefit)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>41,735</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(165</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Effective income tax rate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>122.6</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6.7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>825.5</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">%<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>


<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: left">Included in the change in valuation allowance in 2010 is $3,188 relating to the reversal of the valuation allowance as a result of a non-taxable acquisition. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">See Note 10 for income taxes for discontinued operations. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The 2011 effective income tax rate was significantly higher than the statutory rate due primarily to an increase in the valuation allowance of $44,230 and non-deductible stock based compensation of $7,144. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The 2010 effective income tax rate was significantly lower than the statutory rate due primarily to an additional tax reserve of $4,100, non-deductible stock-based compensation of $4,941, state and foreign income taxes of $1,909 offset by a decrease in the Company&#146;s valuation allowance of $7,986. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The 2009 effective income tax rate was significantly higher than the statutory rate due primarily from the increase in the Company&#146;s valuation allowance of $2,656, non-deductible stock-based compensation of $5,160 and State and foreign income taxes of $1,564. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income taxes receivable were $313 and $712 at December 31, 2011 and 2010, respectively, and were included in accounts receivable on the balance sheet. Income taxes payable were $5,381 and $4,969 at December 31, 2011 and 2010, respectively, and were included in accrued and other liabilities on the balance sheet. It is the Company&#146;s policy to classify interest and penalties arising in connection with the under payment of income taxes as a component of income tax expense. For the year ended 2010, $1,093 is included in the current provision of income tax expense relating to interest and penalties as a result of an identified uncertain tax position.
For the years ended 2011and 2009, income tax expense does not include any amounts for interest and penalties. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">70</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9. Income Taxes &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The tax effects of significant temporary differences representing deferred tax assets and liabilities at December 31, were as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred tax assets:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital assets and other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>33,567</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,292</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net operating loss carry forwards</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>50,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,313</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest deductions</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,792</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,201</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred acquisition consideration</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5,070</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Stock compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,356</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>896</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Unrealized foreign exchange</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>753</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>268</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital loss carry forwards</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16,921</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,289</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Accounting reserves</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7,026</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>6,118</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Gross deferred tax asset</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>137,759</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>91,377</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less: valuation allowance</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(118,655</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(66,459</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net deferred tax assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>19,104</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>24,918</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred tax liabilities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred finance charges</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(514</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(526</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Capital assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(417</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Goodwill amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(53,181</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(18,816</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Total deferred tax liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(54,112</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(19,642</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net deferred tax asset (liability)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(35,008</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,276</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Disclosed as:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Deferred tax assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15,767</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,966</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Deferred tax liabilities</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(50,775</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(19,690</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(35,008</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,276</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Included in accrued and other liabilities at December 31, 2011 and 2010 is a deferred tax liability of $51 and $48, respectively. Included in other current assets at December 31, 2011 and 2010 is a deferred tax asset of $387 and $3,363, respectively. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has US federal net operating loss carry forwards of $70,955 and non-US net operating loss carry forwards of $49,732, these carry forwards expire in years 2015 through 2031. The Company also has total indefinite loss carry forwards of $165,875. These indefinite loss carry forwards consist of $58,704 relating to the US and $109,171 which are related to capital losses from the Canadian operations. In addition, the Company has net operating loss carry forwards for various state taxing jurisdictions of approximately $201,366. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company records a valuation allowance against deferred income tax assets when management believes it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Management considers factors such as the reversal of deferred income tax liabilities, projected future taxable income, the character of the income tax asset; tax planning strategies, changes in tax laws and other factors. A change to these factors could impact the estimated valuation allowance and income tax expense. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">71</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">9. Income Taxes &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The valuation allowance has been recorded to reduce our deferred tax asset to an amount that is more likely than not to be realized, and is based upon the uncertainty of the realization of certain US, non-US and state deferred tax assets. The increase in the Company&#146;s valuation allowance charged to the statement of operations for each of the years ended December 31, 2011 and 2009 was $44,230 and $2,656, respectively. In 2010 the Company reduced its valuation and recorded a benefit in the statement of operations of $7,986. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Deferred taxes are not provided for temporary differences representing earnings of subsidiaries that are intended to be permanently reinvested. The potential deferred tax liability associated with these undistributed earnings is not material. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As of December 31, 2011 and 2010, the Company recorded a liability for unrecognized tax benefits as well as applicable penalties and interest in the amount of $4,717, respectively. The Company identified an uncertainty relating to the future tax deductibility of certain intercompany interest and fees, to the extent that such future benefit will be established, the resolution of this position will have no effect with respect to the financial statements. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="520"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1>Changes in the Company&#146;s reserve is as follows:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3></TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance December 31, 2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>617</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Charges to income tax expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>617</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Charges to income tax expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,007</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,624</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Charges to income tax expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Balance December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>3,624</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We do not expect our unrecognized tax benefits to change significantly over the next 12 months. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has completed US federal tax audits through 2006 and has completed a non-US tax audit through 2004. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">10. Discontinued Operations </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In December 2011, the Company discontinued a division of Accent Marketing Services, LLC, called Performance Marketing Group. As a result, the Company has classified this entity&#146;s results of operations as a loss of $1,339 as discontinued operations. The Company also recorded net adjustments of $22 to increase a previously recorded liability relating to a prior discontinued operation. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The loss net of taxes from discontinued operations for 2010 was $3,949, which is comprised of the operating results of Performance Marketing Group of $1,455. The loss also includes the results from operations of a start-up division of Redscout, LLC called 007. As a result, the Company has classified this entity&#146;s results of operations as a loss of $722 as discontinued operations. In addition, the Company ceased Zig US current operations and as a result incurred a goodwill impairment charge of $232. Including the impairment charge Zig US&#146;s results of operations, net of income tax benefits, for the year ended 2010, there was a loss of $1,046.
The Company discontinued a start up called Fearless Progression LLC (&#147;Fearless&#148;). As a result, the Company wrote off its investment in Fearless of $710. Including the impairment charge, Fearless&#146;s results of operations net of income tax benefits for the year ended 2010, was a loss of $743. The Company has classified this entity&#146;s results as discontinued operations. In December 2010, the Company recorded net adjustments of $21 to reduce a previously recorded liability relating to prior discontinued operations. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">72</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">10. Discontinued Operations &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The loss net of taxes from discontinued operations for 2009 was $3,180 and is comprised of the operating results of Performance Marketing Group of $1,661, Clifford/Bratskeir Public Relations LLC (&#147;Bratskeir&#148;) of $361 and Margeotes Fertitta Powell, LLC (&#147;MFP&#148;) of $515 and Zig US of $643, relates to an adjustment to a previously recorded liability. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Included in discontinued operations in the Company&#146;s consolidated statements of operations for the years ended December 31 were the following: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Years Ended December 31,</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>10,122</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>9,166</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>9,914</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Impairment charge</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(942</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,336</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,271</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,563</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(25</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(123</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(108</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax recovery</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>343</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>270</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Noncontrolling interest expense recovery</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>102</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>221</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Net loss from discontinued operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(1,361</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(3,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(3,180</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011, $4,060 and $1,332 was included in other current assets and other current liabilities, respectively, which represent assets held for sale and related liabilities. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11. Bank Debt, Long-Term Debt and Convertible Notes </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, the Company&#146;s indebtedness was comprised as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="386"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revolving credit facility</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,032</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>11% notes due 2016</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>345,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>290,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Original issue discount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(561</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,843</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Note payable and other bank loans</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,266</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,400</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>383,737</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>284,557</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Obligations under capital leases</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,437</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>385,174</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>286,216</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Less:<BR></TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Current portion</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,238</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>1,667</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>383,936</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>284,549</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Interest expense related to long-term debt for the years ended December 31, 2011, 2010 and 2009 was $39,044, $30,429 and $18,057, respectively. For the years ended December 31, 2011, 2010 and 2009, interest expense included $232, $848 and $204 amortization of the original issue discount, respectively, net of amortized premium of $943, $197 and nil, respectively, and $702, $922, and nil, of present value adjustments for fixed deferred acquisition payments, respectively. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The amortization and write off of deferred finance costs included in interest expense were $1,944, $1,288 and $3,837 for the years ended December 31, 2011, 2010, and 2009, respectively. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">73</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11. Bank Debt, Long-Term Debt and Convertible Notes &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Issuance of 11% Notes </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On October 23, 2009, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold $225,000 aggregate principal amount of 11% Notes due 2016 (the &#147;11% Notes&#148;). The 11% Notes bear interest at a rate of 11% per annum, accruing from October 23, 2009. Interest is payable semiannually in arrears in cash on May 1 and November 1 of each year, beginning on May 1, 2010. The 11% Notes will mature on November 1, 2016, unless earlier redeemed or repurchased. The Company received net proceeds before expenses of $208,881, which included an original issue discount of approximately 4.7% or $10,494, and underwriter fees of $5,624. The 11%
Notes were sold in a private placement in reliance on exemptions from registration under the Securities Act of 1933, as amended. The Company used the net proceeds of this offering to repay the outstanding balance and terminate its prior Fortress Financing Agreement, and redeemed its outstanding 8% C$45,000 convertible debentures on November 26, 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company may, at its option, redeem the 11% Notes in whole at any time or in part from time to time, on and after November 1, 2013 at a redemption price of 105.500% of the principal amount thereof. If redeemed during the twelve-month period beginning on November 1, 2014, at a redemption price of 102.750% of the principal amount thereof if redeemed during the twelve-month period beginning on or after November 1, 2015 and equal to redemption price of 100% of the principal amount thereof. (Prior to November 1, 2013, the Company may, at its option, redeem some or all of the 11% Notes at a price equal to 100% of the principal amount of the Notes plus a
&#147;make whole&#148; premium and accrued and unpaid interest.) The Company may also redeem, at its option, prior to November 1, 2012, up to 35% of the 11% Notes with the proceeds from one or more equity offerings at a redemption price of 11% of the principal amount thereof. If the Company experiences certain kinds of changes of control (as defined in the Indenture), holders of the 11% Notes may require the Company to repurchase any 11% Notes held by them at a price equal to 101% of the principal amount of the 11% Notes plus accrued and unpaid interest. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In connection with these transactions, the Company wrote-off $323 of deferred financing costs relating to its prior convertible debentures. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On May 14, 2010, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold $65,000 aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% notes and treated as a single series with the original 11% notes. The additional notes were sold in a private placement in reliance on exemptions from registration under the Securities Act of 1933, as amended. The Company received net proceeds before expenses of $67,208, which included an original issue premium of $2,600, and underwriter fees of $392. The Company used the net proceeds of the offering to repay the outstanding
balance under the Company&#146;s revolving WF Credit Agreement described elsewhere herein, and for general corporate purposes, including acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On April 19, 2011, the Company and its wholly-owned subsidiaries, as guarantors, issued and sold an additional $55,000 aggregate principal amount of 11% Notes due 2016. The additional notes were issued under the Indenture governing the 11% Notes and treated as a single series with the original 11% Notes. The additional notes were sold in a private placement in reliance on exceptions from registration under the Securities Act of 1933, as amended. The Company received net proceeds before expenses of $59,580, which included an original issue premium of $6,050, and underwriter fees of $1,470. The Company used the net proceeds of the offering to repay the
outstanding balance under the Company&#146;s WF Credit Agreement described elsewhere herein, and for general corporate purposes. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011 and 2010, the Company had issued $5,830 and $6,018 of undrawn outstanding Letters of Credit, respectively. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011 and 2010, accounts payable included $3,350 and $9,026 of outstanding checks, respectively. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">74</P>

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11. Bank Debt, Long-Term Debt and Convertible Notes &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Credit Agreement </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On October 23, 2009, the Company and its subsidiaries entered into a $75,000 five year senior secured revolving WF Credit Agreement (the &#147;WF Credit Agreement&#148;) with Wells Fargo Foothill, LLC, as agent, and the lenders from time to time party thereto. On November 22, 2010, this agreement was amended to increase the availability under the facility to $100,000. On April 2011, the Company entered into an additional amendment to increase the availability under the facility to $150,000 and extend the maturity date to October 23, 2015. The WF Credit Agreement replaced the Company&#146;s existing $185,000 senior secured financing agreement with
Fortress Credit Corp., as collateral agent, Wells Fargo Foothill, Inc., as administrative agent. Advances under the WF Credit Agreement will bear interest as follows: (a)(i) LIBOR Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans bear interest at the Base Rate, plus (b) an applicable margin. The initial applicable margin for borrowing is 2.25% in the case of Base Rate Loans and 2.50% in the case of LIBOR Rate Loans. The applicable margin may be reduced subject to the Company achieving certain trailing twelve month earning levels, as defined. In addition to paying interest on outstanding principal under the WF Credit Agreement, the Company is required to pay an unused revolver fee to lenders under the WF Credit Agreement in respect of unused commitments thereunder. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The WF Credit Agreement is guaranteed by all of the Company&#146;s present and future subsidiaries, other than immaterial subsidiaries (as defined) and is secured by substantially all the assets of the Company. The WF Credit Agreement includes covenants that, among other things, restrict the Company&#146;s ability and the ability of its subsidiaries to incur or guarantee additional indebtedness; pay dividends on or redeem or repurchase the capital stock of MDC; make certain types of investments; pay dividends; incur certain liens, sell or otherwise dispose of certain assets; enter into transactions with affiliates; enter into sale and leaseback
transactions; and consolidate or merge with or into, or sell substantially all of the Company&#146;s assets to, another person. These covenants are subject to a number of important limitations and exceptions. The WF Credit Agreement also contains financial covenants, including a senior leverage ratio, a total leverage ratio, a fixed charge coverage ratio and a minimum earnings level, as defined. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In connection with these transactions, the Company incurred a termination fee of $1,850 and wrote-off $2,240 of deferred financing costs relating to its prior Fortress Financing Agreement. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company is currently in compliance with all of the terms and conditions of its WF Credit Agreement, and management believes, based on its current financial projections and strategic initiatives, that the Company will be in compliance with covenants over the next twelve months. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Future Principal Repayments </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Future principal repayments, including capital lease obligations, for the years ended December 31, and in aggregate are as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,238</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2013</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,128</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2014</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>192</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2015</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>107</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2016</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>345,038</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2017 and beyond</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>347,703</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">75</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">11. Bank Debt, Long-Term Debt and Convertible Notes &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Capital Leases </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Future minimum capital lease payments for the years ended December 31 and in aggregate are as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="466"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>698</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2013</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>493</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2014</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>209</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2015</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>112</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2016</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2017 and thereafter</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,551</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less: imputed interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(114</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,437</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Less: current portion</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(638</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>799</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12. Share Capital </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The authorized share capital of the Company is as follows: </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(a) Authorized Share Capital </H3>

<H5 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Class A Shares </H5>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">An unlimited number, subordinate voting shares, carrying one vote each, entitled to dividends equal to or greater than Class B shares, convertible at the option of the holder into one Class B share for each Class A share after the occurrence of certain events related to an offer to purchase all Class B shares. </P>

<H5 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Class B Shares </H5>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">An unlimited number, carrying 20 votes each, convertible at any time at the option of the holder into one Class A share for each Class B share. </P>

<H5 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Preferred A Shares </H5>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">An unlimited number, non-voting, issuable in series. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has not paid dividends on any class of shares during the year ended December 31, 2009. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(b) 2011 Share Capital Transactions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2011, Class A share capital increased by $1,456. The Company issued 504,919 shares related to vested restricted stock, 113,085 shares related to the exercise of outstanding stock options and 130,932 shares related to the exercise of outstanding stock appreciation rights, increasing share capital by $5,577. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2011, the Company&#146;s employees surrendered 230,262 Class A shares valued at $4,121 in connection with the required tax withholding from the vesting of various equity awards. The Company paid these withholding taxes on behalf of the related employees. These shares were subsequently retired and no longer remain outstanding as of December 31, 2011. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">76</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12. Share Capital &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Additional paid-in capital decreased by $28,293 and was reclassified to changes in excess of capital. The decrease related to $4,468 for vesting of restricted stock and stock appreciation rights, $7,475 relating to transactions with noncontrolling interests, $21,511 of dividends paid and to be paid, $24,532 for changes in the redemption value of redeemable noncontrolling interests, and $23 for options exercised. These decreases were offset by $22,709 relating to an increase from stock-based compensation and $7,007 of acquisition purchase price adjustments. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(c) 2010 Share Capital Transactions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2010, Class A share capital increased by $8,220. The Company issued 1,367,271 shares relating to vested restricted stock, 6,495 shares related to the exercise of outstanding stock options and 101,107 shares related to the exercise of outstanding stock appreciation rights, increasing share capital by $11,700. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2010, the Company&#146;s employees surrendered 282,954 Class A shares valued at $3,480 in connection with the required tax withholding from the vesting of various equity awards. The Company paid these withholding taxes on behalf of the related employees. These shares were subsequently retired and no longer remain outstanding as of December 31, 2010. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Additional paid-in capital decreased by $9,174, of which $11,640 related to the vesting of restricted stock and stock appreciation rights, $7,603 relating to transactions with noncontrolling interests, dividends paid and to be paid of $10,194, changes in the redemption value of redeemable noncontrolling interests of $11,500. These decreases were offset by $14,954 relating to an increase from stock-based compensation and $16,809 transferred to charges in excess of capital. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(d) 2009 Share Capital Transactions </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During the year ended December 31, 2009, Class A share capital increased by $4,999. The Company issued 620,393 shares related to vested restricted stock, 47,625 shares related to the exercise of outstanding stock options and 68,261 shares related to the exercise of outstanding stock appreciation rights, increasing share capital by $5,595. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2009, the Company&#146;s employees surrendered 156,481 Class A shares valued at $596 in connection with the required tax withholding resulting from the vesting of various equity awards. The Company paid these withholding taxes on behalf of the related employees. These shares were subsequently retired and no longer remain outstanding as of December 31, 2009. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Additional paid-in capital decreased by $24,296, of which $31,653 related to the recording of existing put options (Note 2), $5,225 related to the vesting of restricted stock and stock appreciation rights, $923 related to acquisitions, and other charges of $215. These decreases were offset by $13,720 relating to increase from stock-based compensation. </P>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(e) Employee Stock Incentive Plan </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On May 26, 2005, the Company&#146;s shareholders approved the Company&#146;s 2005 Stock Incentive Plan (the &#147;2005 Incentive Plan&#148;). The 2005 Incentive Plan authorizes the issuance of awards to employees, officers, directors and consultants of the Company with respect to 2,000,000 shares of MDC Partners&#146; Class A Subordinate Voting Shares or any other security in to which such shares shall be exchanged. On June 1, 2007 and on June 2, 2009, the Company&#146;s shareholders approved a total additional authorized Class A Shares of 2,500,000 to be added to the 2005 Incentive Plan for a total of 4,500,000 authorized Class A Shares. On May 30,
2008, the Company&#146;s shareholders approved the 2008 Key Partner Incentive Plan, which provides for the issuance of 600,000 Class A Shares. On June 1, 2011, the Company&#146;s shareholders approved the 2011 Stock Incentive Plan, which provides for the issuance of up to 2,000,000 Class A Shares. As of December 31, </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">77</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12. Share Capital &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">2011, the Company has granted 200,000 Director options (of which 100,000 were forfeited), which option grants were for a ten-year term and vests over five (5) years from the grant date under the 2005 Incentive Plan. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table summarizes information about time based and financial performance-based restricted stock and restricted stock unit awards granted under the 2005 Incentive Plan, 2008 Key Partner Incentive Plan and 2011 Stock Incentive Plan: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="194"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="80"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="88"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Performance Based Awards</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Time Based Awards</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average Grant<BR> Date Fair Value</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Shares</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average Grant<BR> Date Fair Value</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,137,863</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.05</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>829,531</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.57</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>179,927</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.15</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(545,747</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.95</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(74,646</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.19</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Forfeited</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(34,158</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>7.88</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,652</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>10.04</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>557,958</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>924,160</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.33</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>753,209</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.83</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>258,223</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10.28</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(804,300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.37</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(562,971</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.60</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Forfeited</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(4,944</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8.88</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,345</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8.13</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>501,923</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.83</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>616,067</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7.40</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,097,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18.39</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>297,520</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>16.93</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(217,697</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>12.74</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(287,234</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>5.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Forfeited</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,423</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>14.59</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(41,454</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8.79</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,380,557</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>15.81</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>584,899</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>12.86</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The total fair value of restricted stock and restricted stock unit awards, which vested during the year ended December 31, 2011, 2010 and 2009 was $8,269, $14,976 and $5,022, respectively. In connection with the vesting of these awards, the Company realized a tax deduction of $7,280, $3,431 and $414 in 2011, 2010 and 2009, respectively. At December 31, 2011, the weighted average remaining contractual life for performance based awards is 2.0 years and for time based awards is 1.7 years. At December 31 2011, the fair value of all restricted stock and restricted stock unit awards is $26,298. The term of these awards is three years with vesting up to
three years. At December 31, 2011, the unrecognized compensation expense for these awards was $16,612 and will be recognized through 2014. At December 31, 2011, there are 2,511,742 awards available to grant. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s Board of Directors adopted the 2005 Incentive Plan as a replacement for MDC Partners&#146; Amended and Restated Stock Option Incentive Plan (the &#147;Prior 2003 Plan&#148;). Following approval of the 2005 Incentive Plan, the Company ceased making awards under the Prior 2003 Plan. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Prior to adoption of the 2005 Incentive Plan, the Company&#146;s Prior 2003 Plan provided for grants of up to 1,890,786 options to employees, officers, directors and consultants of the Company. All the options granted were for a term of five years from the date of the grant and vest 20% on the date of grant and a further 20% on each anniversary date. In addition, the Company granted 534,960 options, on the privatization of Maxxcom, with a term of no more than 10 years from initial date of grant by Maxxcom and vest 20% in each of the first two years with the balance vesting on the third anniversary of the initial grant. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">78</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12. Share Capital &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Information related to share option transactions grant under all plans over the past three years is summarized as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="200"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Options Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Options Exercisable</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number<BR> Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number<BR> Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Non Vested<BR> Options</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>458,835</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.49</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>393,835</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.69</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>65,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(47,625</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.76</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(171,218</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12.22</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>239,992</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.55</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>194,992</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.64</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,495</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.19</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(17,297</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17.08</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>216,200</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>191,200</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.41</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(20,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(113,085</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.94</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(15,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>12.57</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>88,081</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>9.12</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>83,081</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>9.14</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011, the intrinsic value of vested options and the intrinsic value of all options was $352 and $375, respectively. For options exercised during 2011 and 2010, the Company received cash proceeds of $1,011 and $60, respectively. The Company did not receive any windfall tax benefits. The intrinsic value of options exercised during 2011 and 2010 was $900 and $20, respectively. At December 31, 2011, the weighted average remaining contractual life of all outstanding options was 4.1 years and for all vested options was 4.0 years. At December 31, 2011, the unrecognized compensation expense of all options was $14 and will be recognized
through 2012. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Share options outstanding as of December 31, 2011 are summarized as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Options Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>Options Exercisable</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black"  ROWSPAN=1 COLSPAN=1>Range of Exercise Prices</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Outstanding<BR> Number</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Contractual<BR> Life</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Exercisable<BR> Number</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Contractual<BR> Life</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$5.16&nbsp;&#150;&nbsp;$7.74</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,365</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.53</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.97</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,365</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6.97</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.53</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$7.75&nbsp;&#150;&nbsp;$9.64</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80,716</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.44</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.32</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>75,716</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.36</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.36</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">79</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12. Share Capital &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(f) Stock Appreciation Rights </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2003, the Compensation Committee of the Board of Directors approved a stock appreciation rights (&#147;SAR&#146;s&#148;) compensation program for senior officers and directors of the Company. SARS&#146;s granted prior to 2006 have a term of four years, for SAR&#146;s granted in 2006 and after they have a term of up to 10 years and all awards vest one-third on each anniversary date. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SAR&#146;s granted and outstanding are as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="180"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>SAR&#146;s Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>SAR&#146;s Exercisable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Number<BR> Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number<BR> Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Non Vested<BR> SAR&#146;s</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2008</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>245,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.74</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,334</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9.80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,666</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,666</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,744,686</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.76</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,744,686</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(172,759</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.72</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(172,759</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(298,158</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8.22</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(83,158</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,518,769</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.80</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.18</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,488,769</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,747,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(187,666</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.19</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(187,666</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,331,103</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.78</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,777,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.77</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,554,069</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(290,089</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Exercised</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(172,974</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.23</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(172,974</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance at December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,158,129</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3.75</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>2,067,123</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3.75</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,091,006</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011, the aggregate amount of shares to be issued on vested SAR&#146;s was 1,488,498 shares with an intrinsic value of $19,872 and for all outstanding SAR&#146;s, the aggregate amount of shares to be issued was 2,272,588 with an intrinsic value of $30,407. During 2011, 2010 and 2009, the aggregate value of SAR&#146;s exercised was $2,289, $1,147 and $407, respectively. The Company received tax deductions of $387 and $180 in 2011 and 2010, respectively. At December 31, 2011, the weighted average remaining contractual life of all outstanding SAR&#146;s was 2.2 years and for all vested SAR&#146;s was 2.2 years. At December 31, 2011, the
unrecognized compensation expense of all SAR&#146;s was $61 and will be recognized through 2012. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="120"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>SAR&#146;s Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=11>SAR&#146;s Exercisable</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black"  ROWSPAN=1 COLSPAN=1>Range of Exercise Prices</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Outstanding<BR> Number</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Contractual<BR> Life</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Exercisable<BR> Number</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Contractual<BR> Life</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$3.72&nbsp;&#150;&nbsp;$6.60</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,148,129</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.74</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,057,123</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3.72</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2.17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>$6.61&nbsp;&#150;&nbsp;$8.95</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.33</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.95</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>10,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>8.95</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4.33</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">80</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">12. Share Capital &nbsp;&#150;&nbsp;(continued)</H2>

<H3 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: italic; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(h) Equity Value Appreciation Awards </H3>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In January 2011, the Company awarded 1,413,000 extraordinary Equity Value Appreciation Awards (&#147;EVARs&#148;) to its employees. These EVARs may result in the issuance of up to 1,413,000 restricted stock units and restricted stock shares (&#147;RSUs&#148;), but only upon the achievement of extraordinary stock performance targets. If issued the RSUs underlying the EVAR grant will vest on December 31, 2013. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company measured the fair value of EVARs using a lattice based model (Monte Carlo) on the grant date. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Information related to EVAR transactions over the past three years is summarized as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="180"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="76"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>EVARs Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>EVARs Exercisable</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center" ROWSPAN=1 COLSPAN=3></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number<BR> Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Issuance<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Number Outstanding</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Weighted<BR> Average<BR> Issuance<BR> Price per<BR> Share</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Non Vested<BR> EVARs</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Vested</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Granted</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,413,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>23.00</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,413,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Expired and cancelled</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(45,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>23.00</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(45,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Balance, December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,368,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23.00</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,368,000</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The grant date fair value of these EVARs was $13,240. At December 31, 2011, the weighted average remaining contractual life for these awards is two years. At December 31, 2011, the unrecognized compensation expense of these awards is $8,790 and will be recognized through 2013. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has reserved a total of 3,137,227 Class A shares in order to meet its obligations under various conversion rights, warrants and employee share related plans. At December 31, 2011 there were 2,511,742 shares available for future option and similar grants. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">13. Fair Value Measurements </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Effective January 1, 2008, the Company adopted guidance regarding accounting for Fair Value Measurements. This guidance defines fair value, establishes a framework for measuring fair value and expands the related disclosure requirements. The statement indicates, among other things, that a fair value measurement assumes a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In order to increase consistency and comparability in fair value measurements, the guidance establishes a hierarchy for observable and unobservable inputs used to measure fair value into three broad levels, which are described below: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left"><I>Level 1:</I>&nbsp;&nbsp;Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left"><I>Level 2:</I>&nbsp;&nbsp;Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left"><I>Level 3:</I>&nbsp;&nbsp;Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">81</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">13. Fair Value Measurements &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On a nonrecurring basis, the Company uses fair value measures when analyzing asset impairment. Long-lived assets and certain identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair value. Measurements based on undiscounted cash flows are considered to be level 3 inputs. During the
fourth quarter of each year, the Company evaluates goodwill and indefinite-lived intangibles for impairment at the reporting unit level. For each acquisition, the Company performed a detailed review to identify intangible assets and a valuation is performed for all such identified assets. The Company used several market participant measurements to determine estimated value. This approach includes consideration of similar and recent transactions, as well as utilizing discounted expected cash flow methodologies. The amounts allocated to assets acquired and liabilities assumed in the acquisitions were determined using level three inputs. Fair value for property and equipment was based on other observable transactions for similar property and equipment. Accounts receivable represents the best estimate of balances that will ultimately be collected, which is based in part on allowance for doubtful accounts reserve criteria and an evaluation of the specific receivable balances. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following tables present certain information for our financial assets that is measured at fair value on a recurring basis at December 31, 2011 and 2010: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="226"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Level 1 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Level 1 2010</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Carrying<BR> Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fair Value</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Carrying<BR> Amount</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fair Value</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Liabilities:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Long term debt</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>344.4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>367.4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>283.2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>323.7</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Our long term debt includes fixed rate debt. The fair value of this instrument is based on quoted market prices. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table presents changes in Deferred Acquisition Consideration. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="440"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=7>Fair Value Measurements Using<BR> Significant Unobservable Inputs<BR> (Level 3)</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Beginning Balance of contingent payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>98,534</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>29,654</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(26,656</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(23,285</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Grants</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>46,292</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>92,383</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Redemption value adjustments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>13,416</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(779</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Transfers to fixed payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,467</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Foreign translation adjustment</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(360</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>561</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Ending Balance of contingent payments</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>129,759</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>98,534</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">82</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">13. Fair Value Measurements &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In addition to the above amounts, there are fixed payments of $7,464 and $9,457 for total deferred acquisition consideration of $137,223 and $107,991, which reconciles to the consolidating financial statements at December 31, 2011 and 2010, respectively. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Level 3 payments relate to payments made for deferred acquisition consideration. Level 3 grants relate to contingent purchase price obligations related to acquisitions. The Company records the initial liability of the estimated present value. The estimated liability is determined in accordance with various contractual valuation formulas that may be dependent on future events, such as the growth rate of the earning of the relevant subsidiary during the contractual period, and, in some cases, the currency exchange rate of the date of payment. Level 3 redemption value adjustments relate to the remeasurement and change in these various contractual
valuation formulas as well as adjustments of present value. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">14. Gain on Sale of Assets and Other </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The gain on sale of assets and other for the years ended December 31 were as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="306"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>2009</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income (expense)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>191</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>364</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(38</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Gain (loss) on disposition of assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(75</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(53</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>116</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>381</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(91</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15. Segment Information </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company&#146;s segment reporting is consistent with the current manner of how the Chief Operating Decision Maker (&#147;CODM&#148;) and the Board of Directors view the business. The Company is focused on expanding its capabilities in database marketing and data analytics in order to position the Company for future business development efforts and revenue growth. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In order to position this strategic focus along the lines of how the CODM and management will base their business decisions, the Company reports two segments. Decisions regarding allocation of resources are made and will be made based not only on the individual operating results of the subsidiaries but also on the overall performance of the reportable segments. These reportable segments are the aggregation of various reporting segments. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company reports in two segments plus corporate. The segments are as follows: </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">The <I>Strategic Marketing Services</I> segment includes Crispin Porter &amp; Bogusky and kirshenbaum bond senecal + partners among others. This segment consists of integrated marketing consulting services firms that offer a full complement of marketing consulting services including advertising and media, marketing communications including direct marketing, public relations, corporate communications, market research, corporate identity and branding, interactive marketing and sales promotion. Each of the entities within the Strategic Marketing Services Group share similar economic characteristics, specifically related to the nature of their respective services, the manner in which the services are provided and the similarity of their respective customers. Due to the similarities in these businesses, they exhibit similar long term financial performance and have been aggregated together. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">The <I>Performance Marketing Services</I> segment includes our firms that provide consumer insights to satisfy the growing need for targetable, measurable solutions or cost effective means of driving return on marketing investment. These services interface directly with the consumer of a client&#146;s product or service. Such services include the design, development, research and implementation of consumer service and direct marketing initiatives. Each of the entities within the Performance Marketing Services Group share similar economic characteristics specifically related to the nature of </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">83</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15. Segment Information &nbsp;&#150;&nbsp;(continued)</H2>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px; text-align: left"></TD>

          <TD STYLE="width: 24px; text-align: left"></TD>

          <TD STYLE="text-align: left">their respective services, the manner in which the services are provided, and the similarity of their respective customers. Due to the similarities in these businesses, the services provided to the customer and they exhibit similar long term financial performance and have been aggregated together. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The significant accounting policies of these segments are the same as those described in the summary of significant accounting policies included in the notes to the consolidated financial statements. The Company continues to evaluate its Corporate Group and the services provided by the Corporate Group to the operating segments. The Company has determined that additional amounts should be allocated to the operating segments based on additional services provided in 2009. The Company will continue to evaluate the services and amount of time spent directly on the operating segments business operations, and adjust accordingly. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

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<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>For the Year Ended December 31, 2011</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Strategic<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Performance<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Corporate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>608,079</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>335,195</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>943,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>426,053</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>248,407</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>674,460</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>138,303</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>45,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>35,432</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>219,271</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>22,379</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,031</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>826</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>40,236</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating profit (Loss)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>21,344</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>24,221</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(36,258</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,307</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income (Expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>116</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,677</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(41,783</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes, equity in affiliates and noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(34,037</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>41,735</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before equity in affiliates and noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,772</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity in earnings of affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(75,559</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations attributable to MDC Partners Inc., net of taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(1,361</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(76,920</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Net income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(6,203</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>(1,551</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(7,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net (loss) attributable to MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(84,674</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,149</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,695</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>14,813</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23,657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Capital expenditures from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>11,657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,797</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,929</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>23,383</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Goodwill and intangibles</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>426,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>237,190</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>663,224</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>627,268</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>380,825</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>47,652</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,055,745</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">84</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15. Segment Information &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>For the Year Ended December 31, 2010</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Strategic<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Performance<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Corporate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>438,941</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>250,205</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>689,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>289,409</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>183,962</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>473,371</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>90,622</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>38,383</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,291</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>151,296</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>17,917</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>15,879</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>368</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,164</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating profit (Loss)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>40,993</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,981</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(22,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>30,315</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income (Expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other income, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>381</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange gain</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>69</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(33,213</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes, equity in affiliates and noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,448</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax recovery</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(165</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before equity in affiliates and noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,283</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity in earnings of affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>866</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,417</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations attributable to MDC Partners Inc., net of taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,949</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,366</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,211</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,863</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(10,074</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net (loss) attributable to MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(15,440</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7,282</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>1,992</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>7,233</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>16,507</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Capital expenditures from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>6,476</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,048</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>610</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>11,134</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Goodwill and intangibles</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>367,856</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>213,765</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>581,621</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>552,383</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>322,520</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>39,445</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>914,348</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">85</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15. Segment Information &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>For the Year Ended December 31, 2009</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Strategic<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Performance<BR> Marketing<BR> Services</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Corporate</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>370,615</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>165,876</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>536,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>220,714</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>127,586</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>348,300</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Office and general expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>87,633</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,584</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>18,091</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>131,308</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>Depreciation and amortization</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>25,518</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,278</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>428</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>34,224</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Operating Profit (Loss)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>36,750</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>4,428</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(18,519</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,659</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other Income (Expense):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Other expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(91</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Foreign exchange loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,956</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Interest expense, net</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(21,646</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before income taxes, equity in affiliates and noncontrolling interest</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income tax expense</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>8,536</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations before equity in affiliates and noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,570</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Equity in loss of affiliates</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(8</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(9,578</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Loss from discontinued operations attributable to MDC Partners Inc., net of taxes</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(3,180</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(12,758</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income attributable to noncontrolling interests</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4,851</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(715</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>(5,566</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net loss attributable to MDC Partners Inc.</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>(18,324</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Stock-based compensation</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>8,742</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>868</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>5,834</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>15,444</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Capital expenditures from continuing operations</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>3,617</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>657</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>239</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>4,513</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Goodwill and intangibles</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>277,992</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>58,355</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>336,347</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>Total assets</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>430,959</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>112,780</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>60,780</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>604,519</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A summary of the Company&#146;s long-lived assets, comprised of fixed assets, goodwill and intangibles, net, as at December 31, is set forth in the following table. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>United States</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Canada</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Long-lived Assets<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>39,555</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,003</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,179</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,737</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,354</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>7,606</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,093</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>41,053</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Goodwill and Intangible Assets<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>577,388</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>85,836</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>663,224</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>495,133</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>86,488</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&#151;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>581,621</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">86</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">15. Segment Information &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A summary of the Company&#146;s revenue as at December 31 is set forth in the following table. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="280"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>United States</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Canada</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Total</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>758,157</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>152,374</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>32,743</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>943,274</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>574,043</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>97,452</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,651</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>689,146</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>447,326</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>80,124</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>9,041</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>536,491</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">16. Related Party Transactions </H2>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(a)</TD>

          <TD STYLE="text-align: left">The Company incurred fees and paid cash incentive awards totaling $3,375, $1,343 and $3,495 in 2011, 2010 and 2009, respectively, relating to companies controlled by the Chairman and Chief Executive Officer (&#147;CEO&#148;) of the Company in respect of services rendered pursuant to a management services agreement and incentive plans. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">On April 27, 2007, the Company entered into a new Management Services Agreement (the &#147;Services Agreement&#148;) with Miles Nadal and with Nadal Management, Inc. to set forth the terms and conditions on which Mr. Nadal continues to provide services to the Company as its Chief Executive Officer. The Services Agreement has a three-year term with automatic one-year extensions. Pursuant to the Services Agreement, the annual base compensation for Mr. Nadal&#146;s services was increased to $1,500, effective April 27, 2010. The Services Agreement also provides for an annual bonus with a targeted payout of up to 250% of the base compensation. The Company
also makes an annual cash payment of $500 in respect of retirement benefits, employee health benefits and perquisites. In addition, in the discretion of the Compensation Committee, the Company may grant long term equity incentives with a grant-date value of up to 300% of the then current base retainer. In addition during 2011, 2010 and 2009, in accordance with the Services Agreement, Mr. Nadal repaid to the Company an additional $102, $95 and $95, respectively, of loans due to the Company. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(b)</TD>

          <TD STYLE="text-align: left">Pursuant to the amended Services Agreement, the Company agreed to provide to its CEO, Miles S. Nadal a special bonus of C$10,000 ($10,088) upon the first to occur of (i) the average market price of the Company&#146;s Class A subordinate voting shares is C$30 ($30) per share or more for more than 20 consecutive trading days (measured as of the close of trading on each applicable date) or (ii) a change of control of the Company. This bonus is payable until the date that is three years after the date on which Mr. Nadal is no longer employed by the Company for any reason. The after-tax proceeds of such bonus are to be applied first as repayment of any outstanding loans due to the Company from this officer and his related companies in the amount of C$5,953 (US$5,853), as at December 31, 2011, which has been reserved for in the Company&#146;s accounts. These loans have no stated maturity date. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(c)</TD>

          <TD STYLE="text-align: left">In 2000, the Company purchased 1,600,000 shares in Trapeze Media Limited (&#147;Trapeze&#148;) for $215. At the same time, the Company&#146;s CEO purchased 4,280,000 shares of Trapeze for $576, the Company&#146;s former Chief Financial Officer and a Managing Director of the Company each purchased 50,000 Trapeze shares for $7 and a Board Member of the Company purchased 75,000 shares of Trapeze for $10. In 2001, the Company purchased an additional 1,250,000 shares for $161, and the Company&#146;s CEO purchased 500,000 shares for $64. In 2002, the Company&#146;s CEO purchased 3,691,930 shares of Trapeze for $470. All of these purchases were made at identical prices (C$.20/share). In 2003, the Company and the CEO exchanged their units in Trapeze for non-voting shares and entered into a voting trust agreement. </TD>

</TR>

</TABLE>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 24px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">During 2010 and 2009, Trapeze provided services to certain subsidiaries, the total amount of such services provided were $70 and $105, respectively. In addition, in 2011, 2010 and 2009, a subsidiary provided Trapeze with $390, $300 and $304 of services, respectively. Trapeze did not provide any services to MDC or its subsidiaries in 2011. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">87</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">17. Commitments, Contingencies and Guarantees </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Deferred Acquisition Consideration.</I>&nbsp;&nbsp;In addition to the consideration paid by the Company in respect of certain of its acquisitions at closing, additional consideration may be payable, or may be potentially payable based on the achievement of certain threshold levels of earnings. See Note 2 and Note 4. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Put Options.</I>&nbsp;&nbsp;Owners of interests in certain subsidiaries have the right in certain circumstances to require the Company to acquire either a portion of or all of the remaining ownership interests held by them. The owners&#146; ability to exercise any such &#147;put option&#148; right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts during the
period 2011 to 2018. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The amount payable by the Company in the event such rights are exercised is dependent on various valuation formulas and on future events, such as the average earnings of the relevant subsidiary through the date of exercise, the growth rate of the earnings of the relevant subsidiary during that period, and, in some cases, the currency exchange rate at the date of payment. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Management estimates, assuming that the subsidiaries owned by the Company at December 31, 2011, perform over the relevant future periods at their 2011 earnings levels, that these rights, if all exercised, could require the Company, in future periods, to pay an aggregate amount of approximately $29,040 to the owners of such rights to acquire such ownership interests in the relevant subsidiaries. Of this amount, the Company is entitled, at its option, to fund approximately $3,644 by the issuance of share capital. In addition, the Company is obligated under similar put option rights to pay an aggregate amount of approximately $88,096 only upon
termination of such owner&#146;s employment with the applicable subsidiary or death (including $9,707 that are within the Company&#146;s control). The ultimate amount payable relating to these transactions will vary because it is dependent on the future results of operations of the subject businesses and the timing of when and if these rights are exercised. The aggregate amount of these options is $117,136, of which $107,429 has been recorded on the balance sheet at December 31, 2011 and is included in Redeemable Noncontrolling Interests. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Natural Disasters</I>.&nbsp;&nbsp;Certain of the Company&#146;s operations are located in regions of the United States and Caribbean which typically are subject to hurricanes. During the year ended December 31, 2011, 2010 and 2009, these operations did not incur any costs related to damages resulting from hurricanes. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Guarantees</I>.&nbsp;&nbsp;In connection with certain dispositions of assets and/or businesses in 2001 and 2003, the Company has provided customary representations and warranties whose terms range in duration and may not be explicitly defined. The Company has also retained certain liabilities for events occurring prior to sale, relating to tax, environmental, litigation and other matters. Generally, the Company has indemnified the purchasers in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification guarantees typically extend for a number of years. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In connection with the sale of the Company&#146;s investment in CDI, the amounts of indemnification guarantees were limited to the total sale price of approximately $84,000. For the remainder, the Company&#146;s potential liability for these indemnifications are not subject to a limit as the underlying agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. The Company continues to monitor the conditions that are subject to guarantees and indemnifications to identify whether it is probable that a loss has occurred, and would recognize any such losses under any guarantees or indemnifications in the period when those losses are probable and estimable. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">88</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">17. Commitments, Contingencies and Guarantees &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">For guarantees and indemnifications entered into after January 1, 2003, in connection with the sale of the Company&#146;s investment in CDI, the Company has estimated the fair value of its liability, which was insignificant. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Legal Proceedings.</I>&nbsp;&nbsp;The Company&#146;s operating entities are involved in legal proceedings of various types. While any litigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition or results of operations of the Company. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Commitments.</I>&nbsp;&nbsp;At December 31, 2011, the Company has $5,830 of undrawn outstanding letters of credit. In addition, the Company has commitments to fund investments in an aggregate amount of $3,900. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><I>Leases.</I>&nbsp;&nbsp;The Company and its subsidiaries lease certain facilities and equipment. Gross premises rental expense amounted to $26,953 for 2011, $18,334 for 2010 and $16,004 for 2009, which was reduced by sublease income of $555 in 2011, $277 in 2010 and $59 in 2009. Where leases contain escalation clauses or other concessions, the impact of such adjustments is recognized on a straight-line basis over the minimum lease period. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Minimum rental commitments for the rental of office and production premises and equipment under non-cancellable leases net of sublease income, some of which provide for rental adjustments due to increased property taxes and operating costs for 2011 and thereafter, are as follows: </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="554" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Amount</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2012</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>26,878</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2013</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>25,948</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2014</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>22,161</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2015</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>19,863</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2016</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,237</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 1pt solid white" ROWSPAN=1 COLSPAN=1>2017 and thereafter</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 1pt solid white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>52,114</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 1pt solid white"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom; border-bottom: 3pt double white" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center; border-bottom: 3pt double white" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double black" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right; border-bottom: 3pt double black" ROWSPAN=1 COLSPAN=1>164,201</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left; border-bottom: 3pt double white"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">At December 31, 2011, the total future cash to be received on sublease income is $8,411. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">18. New Accounting Pronouncements </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In June 2011, the FASB issued Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income (&#147;ASU 2011-05&#148;) Under ASU 2011-05, an entity will have the option to present comprehensive income on the income statement or as a separate financial statement. ASU 2011-05 is effective January 1, 2012 and requires retrospective adoption. The Company has adopted ASU 2011-05 as of December 31, 2011. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In April 2010, the FASB issues ASU 2010-17, &#147;Revenue Recognition-Milestone Method.&#148; ASU 2010-17 provides guidance on the criteria that should be met for determining whether the milestone method of revenue recognition is appropriate. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. The amendments in ASU 2010-17 are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15,
2010. The adoption did not have a material impact on our financial statements. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In April 2010, the FASB issued ASU 2010-13, &#147;Compensation&nbsp;&#151;&nbsp;Stock Compensation Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades.&#148; ASU 2010-13 provides amendments to clarify that an employee share-based payment award with an exercise price denominated in the currency of a market in which a </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">89</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">18. New Accounting Pronouncements &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">substantial portion of the entity's equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. The amendments in ASU 2010-13 are effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2010. The adoption of this standard did not have an effect on our results of operation or our financial position. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In October 2009, the FASB issued revised guidance on the topic of Multiple&nbsp;&#151;&nbsp;Deliverable Revenue Arrangements. The revised guidance amends certain accounting for revenue with multiple deliverables. In particular when vendor specific objective evidence or third party evidence for deliverables in an arrangement cannot be determined, the revised guidance allows use of a best estimate of the selling price to allocate the arrangement consideration among them. This guidance is effective for the first quarter of 2011, with early adoption permitted. The adoption did not have a material impact on our financial statements. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">19. Quarterly Results of Operations (Unaudited) (Restated for Discontinued Operations) </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The following table sets forth a summary of the Company&#146;s consolidated unaudited quarterly results of operations for the years ended December 31, 2011 and 2010, in thousands of dollars, except per share amounts. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="296"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="60"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="68"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=15>Quarters</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left"  ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>First</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Second</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Third</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Fourth</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Revenue:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>215,091</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>238,020</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>235,825</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>254,338</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>133,956</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>167,704</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>176,478</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>211,008</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Cost of services sold:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>157,762</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>161,226</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>173,961</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>181,511</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>95,641</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>115,326</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>121,714</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>140,690</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income (loss) from continuing operations:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(6,754</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>3,993</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(17,285</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(55,513</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,359</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,475</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,498</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>17,915</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income (loss) attributable to MDC Partners Inc.:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(8,685</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,323</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(19,574</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(57,742</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10,186</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(5,805</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(10,918</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>11,469</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Income (loss) per common share:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Basic<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Continuing operations:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.30</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.05</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.66</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.95</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.16</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.35</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.43</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income (loss):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.31</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.05</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.67</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.97</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.37</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.21</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.38</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.40</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Diluted<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Continuing operations:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.30</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.05</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.66</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.95</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.34</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.16</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.35</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.39</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Net income (loss):<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.31</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.04</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.67</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1.97</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 20pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.37</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.21</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(0.38</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>0.36</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The above revenue, cost of services sold, and income (loss) from continuing operations have primarily been affected by acquisitions, divestitures and discontinued operations. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">90</P>

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. AND SUBSIDIARIES NOTES TO<BR> CONSOLIDATED FINANCIAL STATEMENTS<BR> (Thousands of United States Dollars, Unless Otherwise Stated Except Share and per Share Amounts) </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">19. Quarterly Results of Operations (Unaudited) (Restated for Discontinued Operations) &nbsp;&#150;&nbsp;(continued)</H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Historically, with some exceptions, the Company&#146;s fourth quarter generates the highest quarterly revenues in a year. The fourth quarter has historically been the period in the year in which the highest volumes of media placements and retail related consumer marketing occur. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Income (loss) from continuing operations and net loss have been affected as follows: </P>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">The fourth quarter of 2011 includes non-cash stock based compensation charges of $5,837. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">The fourth quarter of 2010 includes non-cash stock based compensation charges of $3,203. </TD>

</TR>

</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">The fourth quarter of 2011 includes deferred acquisition adjustments of $11,757 and an additional deferred tax valuation allowance of $47,422. </TD>

</TR>

</TABLE>

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          <TD STYLE="width: 21px"></TD>

          <TD STYLE="width: 24px; text-align: left">&#149;</TD>

          <TD STYLE="text-align: left">The fourth quarter of 2010 includes income of $3,753 for deferred acquisition consideration adjustments. </TD>

</TR>

</TABLE>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">91</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tDDAAFD"></a>Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Not Applicable. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tCP"></a>Item 9A. Controls and Procedures </H2>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(a) Evaluation of Disclosure Controls and Procedures </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We maintain disclosure controls and procedures designed to ensure that information required to be included in our SEC reports is recorded, processed, summarized and reported within the applicable time periods specified by the SEC&#146;s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (CEO) and our Chief Financial Officer (CFO), who is our principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility
of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We conducted an evaluation, under the supervision and with the participation of our management, including our CEO, our CFO and our management Disclosure Committee, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) of the Exchange Act. Based on that evaluation, the Company has concluded that its disclosure controls and procedures were effective. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(b) Management&#146;s Report on Internal Control Over Financial Reporting </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) under the Exchange Act). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We evaluated the effectiveness of our internal control over financial reporting as of December 31, 2011. In making this assessment, we used the criteria set forth in Internal Control&nbsp;&#151;&nbsp;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Management&#146;s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of acquisitions made during 2011, which are included in the consolidated balance sheets of the Company, and the related consolidated statements of income, stockholders&#146; equity, and cash flows
for the year then ended. 2011 acquisitions constituted 6% of total assets, as of December 31, 2011, and 7% of revenue for the year then ended. Management did not assess the effectiveness of internal control over financial reporting of the 2011 acquisitions, because of the timing of the acquisitions. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Based on our assessment, we believe that, as of December 31, 2011, we maintained effective internal control over financial reporting based on these criteria. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The effectiveness of our internal control over financial reporting as of December 31, 2011, has been independently audited by BDO USA LLP, an independent registered public accounting firm, as stated in their report which is included herein. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(c) Changes in Internal Control Over Financial Reporting </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There have been no changes in our internal control over financial reporting during the fiscal quarter ended December 31, 2011, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">92</P>

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<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(d) Report of Independent Registered Public Accounting Firm </H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Board of Directors and Stockholders<BR> MDC Partners Inc.<BR> New York, New York<BR> Toronto, Canada </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We have audited MDC Partners Inc. and subsidiaries&#146; internal control over financial reporting as of December 31, 2011, based on criteria established in <I>Internal Control&nbsp;&#151;&nbsp;Integrated Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). MDC Partners Inc. and subsidiaries&#146; management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 9A, &#147;Management&#146;s Report on Internal Control Over Financial
Reporting&#148;. Our responsibility is to express an opinion on the company&#146;s internal control over financial reporting based on our audit. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">As indicated in the accompanying Item 9A, Management&#146;s Report on Internal Control Over Financial Reporting, management&#146;s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of acquisitions made after December 31, 2010, which are included in the consolidated balance sheets of the Company, and the related consolidated statements of operations, shareholders&#146; equity, and cash flows for the year then ended. Post December 31, 2010, acquisitions constituted 6% of total assets, as of December 31, 2011, and 7% of revenues for the year then ended. Management did not
assess the effectiveness of internal control over financial reporting of the post December 31, 2010 acquisitions because of the timing of the acquisitions. Our audit of internal control over financial reporting of MDC Partners Inc. and subsidiaries did not include an evaluation of the internal control over financial reporting of the post December 31, 2010 acquisitions. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In our opinion, MDC Partners Inc. and subsidiaries maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">93</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of MDC Partners Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of operations, shareholders&#146; equity, and cash flows for each of the three years in the period ended December 31, 2011 and our report dated March 15, 2012 expressed an unqualified opinion thereon. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">/s/ BDO USA, LLP<BR> New York, New York<BR> March 15, 2012 </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tOI"></a>Item 9B. Other Information</H2>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">None. </P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART III </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tDEO"></a>Item 10. Directors, Executive Officers and Corporate Governance </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Reference is made to the sections captioned &#147;Nomination of Directors,&#148; &#147;Information Concerning Nominees for Election as Directors,&#148; &#147;Information Concerning Executive Officers&#148;, &#147;Audit Committee&#148;, &#147;Ethical Conduct&#148; and &#147;Compliance with Section 16(a) of the Exchange Act&#148; in our Proxy Statement for the 2010 Annual General Meeting of Stockholders, which will be filed with the Commission within 120 days of the close of our fiscal year ended December 31, 2011, which sections are incorporated herein by reference. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Executive Officers of MDC Partners </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The executive officers of MDC Partners as of March 1, 2012 are: </P>

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<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="136"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

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          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Name</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Age</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Office</TD>

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<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Miles S. Nadal<sup>&#040;1&#041;</sup></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">54</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chairman of the Board, Chief Executive Officer and President</TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Stephen Pustil<sup>&#040;1&#041;</sup></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">68</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Vice Chairman</TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>David Dabill</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">52</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chief Operating Officer</TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>David B. Doft</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">40</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chief Financial Officer</TD>

</TR>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Mitchell S. Gendel</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">46</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">General Counsel &amp; Corporate Secretary</TD>

</TR>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Michael C. Sabatino</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">47</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Senior Vice President, Chief Accounting Officer</TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Gavin Swartzman</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">47</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Managing Director</TD>

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          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: left">Also a director </TD>

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<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">There is no family relationship among any of the executive officers. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Mr. Nadal</I></B> is the founder of MDC and has held the positions of Chairman of the Board and Chief Executive Officer of MDC since 1986, and the position of President since 2007. Mr. Nadal is also the founder and a partner of Peerage Capital, a Canadian private equity firm, Peerage Realty Partners, and Artemis Investment Management. Mr. Nadal is active in supporting various business and community organizations including Mount Sinai Hospital, Junior Achievement of Canada, The Young Presidents Association and the Schulich School of Business. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Mr. David Dabill </I></B>joined MDC as Chief Administrative Officer in July 2011, and was named Chief Operating Officer in December 2011. Prior to joining MDC, from 2006 to 2010, Mr. Dabill was one of the founders and Chief Operating Officer for Toy, an independently owned advertising agency that was located in New York. From 2001 to 2006, Mr. Dabill served as CFO and COO of Fallon Worldwide, a global agency network. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Mr. Pustil</I></B> has been a director of MDC since 1992, and its Vice Chairman since 1992. Mr. Pustil is also a Managing Partner at Peerage Capital, President of Peerage Realty Partners, and Chairman of Artemis Investment Management. Mr. Pustil is a chartered accountant and serves on the Board of Mount Sinai Hospital. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Mr. Doft</I></B> joined MDC Partners in August 2007 as Chief Financial Officer. Prior to joining MDC Partners, he oversaw media and Internet investments at Cobalt Capital Management Inc. from July 2005 to July 2007. Prior thereto, he worked at Level Global Investors from October 2003 to March 2005 investing in media and Internet companies. Before that, Mr. Doft was a sell side analyst for ten years predominately researching the advertising and marketing services sector for CIBC World Markets where he served as Executive Director and ABN AMRO/ING Barings Furman Selz where he was Managing Director. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Mr. Gendel</I></B> joined MDC Partners in November 2004, as General Counsel and Corporate Secretary. Prior to joining MDC Partners, he served as Vice President and Assistant General Counsel at The Interpublic Group of Companies, Inc. from December 1999 until September 2004. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">95</P>

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<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Mr. Sabatino</I></B> joined MDC Partners in April 2005 as Senior Vice President and Chief Accounting Officer. Prior to joining MDC Partners, he was an audit partner with the accounting firm of Eisner LLP from April 2004. Prior to that, from December 2001 to March 2004, he was the Co-CFO/Senior Vice President Finance of JAKKs Pacific, Inc., a publicly-held toy company. Before that, Mr. Sabatino was an audit partner at BDO Seidman, LLP, a public accounting firm. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B><I>Mr. Swartzman</I></B> has been a Managing Director of the Company since October 2004. He is responsible for corporate development and real estate for MDC and its operating companies. Mr. Swartzman served as an officer in a similar capacity for the Company from September 2002 until February 2003. Prior thereto, Mr. Swartzman joined Amadeus Capital Corporation in 2000 as Senior Vice President where he was responsible for various corporate development activities of that company and its affiliates, including serving as the Vice President, Corporate Development from February 2003 to October 2004 for First Asset Management Inc., a Toronto based asset
management company. Prior thereto, he was Executive Vice President of Pet Valu International Inc., a retail chain. </P>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Additional information about our directors and executive officers appears under the captions &#147;Election of Directors&#148; and &#147;Executive Compensation&#148; in our Proxy Statement. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Code of Conduct </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Company has adopted a Code of Conduct, which applies to all directors, officers (including the Company&#146;s Chief Executive Officer and Chief Financial Officer) and employees of the Company and its subsidiaries. The Company&#146;s policy is to not permit any waiver of the Code of Conduct for any director or executive officer, except in extremely limited circumstances. Any waiver of this Code of Conduct for directors or officers of the Company must be approved by the Company&#146;s Board of Directors. Amendments to and waivers of the Code of Conduct will be publicly disclosed as required by applicable laws, rules and regulations. The Code of
Conduct is available free of charge on the Company&#146;s website at <I>http://www.mdc-partners.com</I>, or by writing to MDC Partners Inc., 745 Fifth Avenue, New York, NY, 10151, Attention: Investor Relations. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tEC"></a>Item 11. Executive Compensation </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Reference is made to the sections captioned &#147;Compensation of Directors&#148; and &#147;Executive Compensation&#148; in our next Proxy Statement, which are incorporated herein by reference. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tSOCBO"></a>Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Reference is made to Part II&nbsp;&#151;&nbsp;Item 5 of this Form 10-K and to the sections captioned &#147;Section 16 (a) Beneficial Ownership Reporting Compliance&#148; in the Company&#146;s next Proxy Statement, which are incorporated herein by reference. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tCRRT"></a>Item 13. Certain Relationships and Related Transactions and Director Independence </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Reference is made to the section captioned &#147;Certain Relationships and Related Transactions&#148; in our next Proxy Statement, which is incorporated herein by reference. </P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tPAFS"></a>Item 14. Principal Accountant Fees and Services </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Reference is made to the section captioned &#147;Appointment of Auditors&#148; in our next Proxy Statement, which is incorporated herein by reference. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">96</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">PART IV<BR> </H1>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tEFSS"></a>Item 15. Exhibits and Financial Statement Schedules. </H2>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Report of Independent Registered Public Accounting Firm </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Board of Directors and Stockholders<BR> MDC Partners Inc. New York, New York<BR> Toronto, Canada </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The audits referred to in our report dated March 15, 2012 relating to the consolidated financial statements of MDC Partners Inc. and subsidiaries, which is contained in Item 8 of this Form 10-K also included the audit of the financial statement Schedule II for years ended 2011, 2010 and 2009. This financial statement schedule is the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on the financial statement schedule based on our audits. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">In our opinion such financial statement Schedule II, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">/s/ BDO USA, LLP<BR> New York, New York<BR> March 15, 2012 </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">97</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(a) Financial Statements and Schedules </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The Financial Statements and schedules listed in the accompanying index to Consolidated Financial Statements in Item 8 are filed as part of this report. Schedules not included in the index have been omitted because they are not applicable. </P>

<P STYLE="text-indent:0pt; text-align: right; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Schedule II&nbsp;&#151;&nbsp;1 of 2</B> </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#ftVQA"></a>MDC PARTNERS INC. &amp; SUBSIDIARIES </H1>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SCHEDULE II&nbsp;&#151;&nbsp;VALUATION AND QUALIFYING ACCOUNTS<BR> For the Three Years Ended December 31, 2010<BR> (Dollars in Thousands) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="200"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Column A</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column B</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column C</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column D</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column E</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column F</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black"  ROWSPAN=1 COLSPAN=1>Description</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Balance at Beginning of Period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Charged to Costs and Expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Removal of Uncollectable Receivables</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Translation Adjustments Increase (Decrease)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Balance at the End of Period</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Valuation accounts deducted<BR> from assets to which they apply&nbsp;&#150;&nbsp;allowance for<BR> doubtful accounts:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,990</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>158</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,299</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>851</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>765</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(824</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>15</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,990</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,179</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>946</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(1,154</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;63</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,034</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>

<P STYLE="text-indent:0pt; text-align: right; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><B>Schedule II&nbsp;&#151;&nbsp;2 of 2</B> </P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">MDC PARTNERS INC. &amp; SUBSIDIARIES </H1>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">SCHEDULE II&nbsp;&#151;&nbsp;VALUATION AND QUALIFYING ACCOUNTS<BR> For the Three Years Ended December 31, 2011<BR> (Dollars in Thousands) </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="200"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="64"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD COLSPAN="3"><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="72"></TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Column A</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column B</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column C</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column D</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column E</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Column F</TD>

</TR>

<TR>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black"  ROWSPAN=1 COLSPAN=1>Description</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Balance at Beginning of Period</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Charged to Costs and Expenses</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Other</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Translation Adjustments Increase (Decrease)</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=3>Balance at the End of Period</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>Valuation accounts deducted<BR> from assets to which they apply&nbsp;&#150;&nbsp;valuation allowance for deferred income taxes:<BR></TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->&nbsp;</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>&nbsp;&nbsp;</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2011</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,459</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>47,422</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(4</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<sup>&#040;1&#041;</sup><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(292</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>113,585</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: white">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2010</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,044</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(7,986</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(3,908</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<sup>&#040;1&#041;</sup><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>1,309</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>66,459</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

<TR STYLE="background-color: #CCFFCC">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" ROWSPAN=1 COLSPAN=1>December 31, 2009</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>70,929</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>2,656</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>(2,705</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left">)<sup>&#040;1&#041;</sup><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>6,164</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: center" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="width: 6px; vertical-align: text-bottom; text-align: left" ROWSPAN=1><!-- $ -->$</TD>

          <TD STYLE="vertical-align: text-bottom; text-align: right" ROWSPAN=1 COLSPAN=1>77,044</TD>

          <TD STYLE="white-space: nowrap; vertical-align: text-bottom; text-align: left"><!-- PERCENT -->&nbsp;</TD>

</TR>

</TABLE></DIV>


<P STYLE="text-align: left; text-indent: 1px"><IMG SRC="line.gif" STYLE="width: 72px; height: 1pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR STYLE="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left">

          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">(1)</TD>

          <TD STYLE="text-align: left">Adjustment to reconcile actual net operating loss carry forwards to prior year tax accrued, utilization of net operating loss carry forwards, which were fully reserved and adjustment for net operating loss relating to sale of business. </TD>

</TR>

</TABLE>

<H2 STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 5pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">(b) Exhibits </H2>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">The exhibits listed on the accompanying Exhibits Index are filed as a part of this report. </P>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">98</P>

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<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"><a name="#tSIG"></a>SIGNATURES </H1>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="264"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="328"></TD>

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          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left"><B>MDC PARTNERS INC.</B></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 10pt; text-indent: -10pt" ROWSPAN=1 COLSPAN=1>Date: March 15, 2012</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left"><P STYLE="padding-left: 20pt; text-indent: -20pt; margin-bottom: -12pt">By:</P><P STYLE="margin-top: 0pt; padding-left: 20pt">/s/ Miles S. Nadal<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Name: Miles S. Nadal<BR> Title: Chairman, Chief Executive Officer and President</P></TD></TR>

</TABLE></DIV>

<P STYLE="text-indent:20px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </P>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

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          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="288"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="104"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Signature</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Title</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Date</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Miles S. Nadal<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Miles S. Nadal</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chairman, Chief Executive Officer and President</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Robert Kamerschen<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Robert Kamerschen</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Presiding Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Clare Copeland<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Clare Copeland</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Thomas N. Davidson<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Thomas N. Davidson</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Scott Kauffman<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Scott Kauffman</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Michael J. Kirby<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Michael J. Kirby</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Stephen M. Pustil<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Stephen M. Pustil</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Director, Vice Chairman</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ David Doft<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">David Doft</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Chief Financial Officer</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="padding-left: 0pt; text-indent: -0pt" ROWSPAN=1 COLSPAN=1>/s/ Michael Sabatino<BR> <IMG SRC="line.gif" STYLE="width: 100%; height: 1pt">Michael Sabatino</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Senior Vice President and Chief Accounting Officer</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: center">March 15, 2012</TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">99</P>

<HR STYLE="width: 708px; height: 2px; text-align: center">

<div id="PN" style="PAGE-BREAK-AFTER: always">&nbsp;</div>

<div id="HDR">&nbsp;</div>

<DIV STYLE="width: 708px; border-top: 1pt white solid; border-bottom: 1pt white solid; border-right: 1pt white solid; border-left: 1pt white solid; padding-top: 9pt; padding-bottom: 9pt; padding-right: 3pt; padding-left:6pt; margin-top:6pt; margin-right: 0pt; margin-left:0pt; margin-bottom:6pt" ALIGN="CENTER">

<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<H1 STYLE="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">EXHIBIT INDEX </H1>

<P STYLE="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="536"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Exhibit No.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Description</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Articles of Amalgamation, dated January 1, 2004 (incorporated by reference to Exhibit 3.1 to the Company&#146;s Form 10-Q filed on May 10, 2004);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>3.1.1&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Articles of Continuance, dated June 28, 2004 (incorporated by reference to Exhibit 3.3 to the Company&#146;s Form 10-Q filed on August 4, 2004);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>3.1.2&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Articles of Amalgamation, dated July 1, 2010 (incorporated by reference to Exhibit 3.1 to the Company&#146;s Form 10-Q filed on July 30, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">General By-law No. 1, as amended on April 29, 2005 (incorporated by reference to Exhibit 3.2 to the Company&#146;s Form 10-K filed on March 16, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>3.1.3&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Articles of Amalgamation, dated May 1, 2011 (incorporated by reference to Exhibit 3.1 to the Company&#146;s Form 10-Q filed on May 2, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Indenture, dated as of October 23, 2009, by and between the Company, the Note Guarantors, and The Bank of New York Mellon, as trustee, relating to the issuance of the Company&#146;s 11% Notes due 2016 (incorporated by reference to Exhibit 4.1 to the Company&#146;s Form 8-K filed on October 26, 2009);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.1.1&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">First Supplemental Indenture, dated as of May 14, 2010, to the Indenture, dated as of October 23, 2009, among the Company, the Note Guarantors and The Bank of New York Mellon, as trustee, including the form of 11% Notes due 2016 (incorporated by reference to Exhibit 4.1 to the Company&#146;s Form 8-K filed on May 14, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.1.2&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Second Supplemental Indenture, dated as of October 23, 2010, to the Indenture, dated as of October 23, 2009, among the Company, the Note Guarantors and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the Company&#146;s Form 10-Q filed on October 29, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.1.3&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Third Supplemental Indenture, dated as of April 19, 2011, to the Indenture, dated as of October 23, 2009, among the Company, the Note Guarantors and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to the Company&#146;s Form 8-K filed on April 19, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.1.4&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Fourth Supplemental Indenture, dated as of May 2, 2011, to the Indenture, dated as of October 23, 2009, among the Company, the Note Guarantors and The Bank of New York Mellon, as trustee*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>4.1.5&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Fifth Supplemental Indenture, dated as of September 19, 2011, to the Indenture, dated as of October 23, 2009, among the Company, the Note Guarantors and The Bank of New York Mellon, as trustee*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.1&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Purchase Agreement, dated October 20, 2009, by and among the Company and Goldman, Sachs &amp; Co., as representative of the initial purchasers, relating to the issuance of the Company&#146;s 11% Notes due 2016 (incorporated by reference to Exhibit 1.1 to the Company&#146;s Form 8-K filed on October 26, 2009);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.1.1&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Exchange and Registration Rights Agreement, dated as of October 23, 2009, by and among the Company, and Goldman, Sachs &amp; Co., as representative of the initial purchasers, relating to the issuance of the Company&#146;s 11% Notes due 2016 (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 8-K filed on October 26, 2009);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.1.2&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Purchase Agreement, dated as of May 11, 2010, among the Company, the Note Guarantors and Goldman, Sachs &amp; Co., as representative of the initial purchasers named therein (incorporated by reference to Exhibit 1.1 to the Company&#146;s Form 8-K filed on May 14, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.1.3&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Exchange and Registration Rights Agreement, dated as of May 14, 2010, among the Company, the Note Guarantors and Goldman, Sachs &amp; Co., as representative of the initial purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 8-K filed on May 14, 2010); </TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">100</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="536"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Exhibit No.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Description</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.1.5&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Purchase Agreement, dated as of April 14, 2011, among the Company, the Note Guarantors and Goldman, Sachs &amp; Co., as representative of the initial purchasers named therein (incorporated by reference to Exhibit 1.1 to the Company&#146;s Form 8-K filed on April 19, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.1.6&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Exchange and Registration Rights Agreement, dated as of April 19, 2011, among the Company, the Note Guarantors and Goldman, Sachs &amp; Co., as representative of the initial purchasers named therein (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 8-K filed on April 19, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Foothill, LLC, as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 8-K filed on October 26, 2009);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.1&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">First Amendment, dated March 19, 2010, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Foothill, LLC (now Wells Fargo Capital Finance, LLC), as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1.1 to the Company&#146;s Form 10-Q filed on May 7, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.2&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Consent and Second Amendment, dated May 6, 2010, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Foothill, LLC (now Wells Fargo Capital Finance, LLC), as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1.2 to the Company&#146;s Form 10-Q filed on May 7, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.3&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Third Amendment, dated November 22, 2010, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC (formerly Wells Fargo Foothill, LLC), as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.2.3 to the Company&#146;s Form 10-K filed on March 14, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.4&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Fourth Amendment, dated March 7, 2011, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC (formerly Wells Fargo Foothill, LLC), as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.2.4 to the Company&#146;s Form 10-K filed on March 14, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.5&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Fifth Amendment, dated March 25, 2011, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC (formerly Wells Fargo Foothill, LLC), as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1.1 to the Company&#146;s Form 10-Q filed on May 2, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.6&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Sixth Amendment, dated April 29, 2011, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC (formerly Wells Fargo Foothill, LLC), as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1.2 to the Company&#146;s Form 10-Q filed on May 2, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.7&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Seventh Amendment, dated September 21, 2011, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC (formerly Wells Fargo Foothill, LLC), as agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 10-Q filed on November 3, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.2.8&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Eighth Amendment, dated February 13, 2012, to Credit Agreement, dated as of October 23, 2009 by and among the Company, Maxxcom Inc., a Delaware corporation, each of their subsidiaries party thereto, Wells Fargo Capital Finance, LLC (formerly Wells Fargo Foothill, LLC), as agent, and the lenders party thereto*; </TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">101</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="536"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Exhibit No.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Description</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.3&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Management Services Agreement relating to the employment of Miles Nadal as Chief Executive Officer, dated April 27, 2007 (incorporated by reference to Exhibit 10.2 to the Company&#146;s Form 10-Q filed on May 8, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.3.1&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Letter Agreement between the Company and Miles Nadal dated April 11, 2005 (incorporated by reference to Exhibit 10.6.1 to the Company&#146;s Form 10-K filed on April 18, 2005);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.3.2&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Letter Agreement between the Company and Miles Nadal dated April 1, 2008 (incorporated by reference to Exhibit 10.3.2 to the Company&#146;s Form 10-K filed on March 9, 2009);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.3.3&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment to Management Services Agreement relating to the employment of Miles Nadal as Chief Executive Officer, dated July 30, 2010 (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 10-Q filed on July 30, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.4&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement between the Company and Stephen M. Pustil, dated as of August 20, 2007 (incorporated by reference to Exhibit 10.1 to the Company&#146;s 10-Q filed on November 8, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.4.1&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment No. 1 dated August 5, 2010, to the Employment Agreement made as of August 20, 2007, by and between MDC Partners Inc. and Stephen Pustil (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 10-Q filed on October 29, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.5&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement between the Company and David Doft, dated as of July 19, 2007 (effective August 10, 2007) (incorporated by reference to Exhibit 10.7 to the Company&#146;s Form 10-Q filed on August 7, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.5.1&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment No. 1 dated March 7, 2011, to the Amended and Restated Employment Agreement made as of July 19, 2007, by and between the Company and David Doft (incorporated by reference to Exhibit 10.2 to the Company&#146;s Form 10-Q filed on May 2, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.6&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement between the Company and Gavin Swartzman, dated as of September 5, 2007 (incorporated by reference to Exhibit 10.2 to the Company&#146;s 10-Q filed on November 8, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.7&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Agreement of Settlement and Release, dated as of June 6, 2011, between the Company and Robert Dickson (incorporated by reference to Exhibit 10.3 to the Company&#146;s Form 10-Q filed on August 4, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.8&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Employment Agreement between the Company and Mitchell Gendel, dated as of July 6, 2007 (incorporated by reference to Exhibit 10.5 to the Company&#146;s Form 10-Q filed on August 7, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.8.1&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment No. 1 dated March 7, 2011, to the Amended and Restated Employment Agreement made as of July 6, 2007, by and between the Company and Mitchell Gendel (incorporated by reference to Exhibit 10.3 to the Company&#146;s Form 10-Q filed on May 2, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.9&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Employment Agreement between the Company and Michael Sabatino, dated as of July 6, 2007 (incorporated by reference to Exhibit 10.6 to the Company&#146;s Form 10-Q filed on August 7, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.9.1&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amendment No. 1 dated March 7, 2011, to the Amended and Restated Employment Agreement made as of July 6, 2007, by and between the Company and Michael Sabatino (incorporated by reference to Exhibit 10.4 to the Company&#146;s Form 10-Q filed on May 2, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.10&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Employment Agreement, dated as of June 28, 2011, between the Company and David Dabill (incorporated by reference to Exhibit 10.2 to the Company&#146;s Form 10-Q filed on August 4, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.11&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended and Restated Stock Appreciation Rights Plan, as adopted by the shareholders of the Company at the 2009 Annual and Special Meeting of Shareholders on June 2, 2009 (incorporated by reference to Exhibit 10.2 to the Company&#146;s Form 8-K filed on June 5, 2009);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.11.1&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Stock Appreciation Rights Agreement (incorporated by reference to Exhibit 10.2 to the Company&#146;s 10-Q filed on May 5, 2006); </TD>

</TR>

</TABLE></DIV>

</DIV>

<P STYLE="width: 708px; text-indent:0px; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; color: black; text-transform: none; text-decoration: none; padding-top: 12pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">102</P>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="536"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Exhibit No.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Description</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Amended 2005 Stock Incentive Plan of the Company, as approved and adopted by the shareholders of the Company at the 2009 Annual and Special Meeting of Shareholders on June 2, 2009 (incorporated by reference to Exhibit 10.1 to the Company&#146;s 8-K filed on June 5, 2009);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.1&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Stock Option Agreement (incorporated by reference to Exhibit 10.2 to the Company&#146;s Form 10-Q filed on November 9, 2005);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.2&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Financial Performance-Based Restricted Stock Grant Agreement (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 8-K filed on March 2, 2006);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.3&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Financial Performance-Based Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.2 to the Company&#146;s Form 8-K filed on March 2, 2006);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.4&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Service-Based and Financial Performance-Based Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.4 of the Company&#146;s Form 10-Q filed on November 8, 2007);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.5&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Grant Agreement (2010) (incorporated by reference to Exhibit 10.12.5 to the Company&#146;s Form 10-K filed on March 10, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.6&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Unit (RSU) Grant Agreement (2010) (incorporated by reference to Exhibit 10.12.6 to the Company&#146;s Form 10-K filed on March 10, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.7&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of EVAR Grant Agreement (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 8-K filed on January 27, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.8&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of EVAR Letter Agreement (incorporated by reference to Exhibit 10.2 to the Company&#146;s Form 8-K filed on January 27, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.9&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Grant Agreement (2011) (incorporated by reference to Exhibit 10.12.9 to the Company&#146;s Form 10-K filed on March 14, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.10</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Unit (RSU) Grant Agreement (2011) (incorporated by reference to Exhibit 10.12.10 to the Company&#146;s Form 10-K filed on March 14, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.12.11</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">2008 Key Partner Incentive Plan, as approved and adopted by the shareholders of the Company at the 2008 Annual and Special Meeting of Shareholders on May 30, 2008 (incorporated by reference to Exhibit 10.1 to the Company&#146;s Form 10-Q filed on July 31, 2008);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.13&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">2011 Stock Incentive Plan of the Company, as approved and adopted by the shareholders of the Company on June 1, 2011 (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 1, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.13.1&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Grant Agreement (2011 Plan) (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 1, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.13.2&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Unit (RSU) Grant Agreement (2011 Plan) (incorporated by reference to Exhibit 10.3 to the Company's Form 8-K filed on June 1, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.13.3&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Grant Agreement (2012)*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.13.4&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Restricted Stock Unit (RSU) Grant Agreement (2012)*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>10.14&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Form of Incentive/Retention Payment letter agreement (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on August 1, 2011);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Statement of computation of ratio of earnings to fixed charges*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Code of Conduct of MDC Partners Inc. (incorporated by reference to Exhibit 14 to the Company&#146;s Form 10-K filed on March 10, 2008);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">MDC Partners&#146; Corporate Governance Guidelines, amended in May 2009 (incorporated by reference to Exhibit 14.1 to the Company&#146;s Form 10-K filed on March 10, 2010);</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Subsidiaries of Registrant*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Consent of Independent Registered Public Accounting Firm BDO USA LLP*; </TD>

</TR>

</TABLE></DIV>

</DIV>

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<P STYLE="text-align: left; font-family: serif; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></P>

<DIV style="text-align: center"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="608" STYLE="vertical-align: text-top; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">

<TR>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="56"></TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"><!-- GUTTER -->&nbsp;</TD>

          <TD><IMG HEIGHT="1" SRC="spacer.gif" WIDTH="536"></TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Exhibit No.</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD STYLE="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" ROWSPAN=1 COLSPAN=1>Description</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>31.1&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification by Chief Executive Officer pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>31.2&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification by Chief Financial Officer pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>32.1&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification by Chief Executive Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*;</TD>

</TR>

<TR STYLE="vertical-align: top">

          <TD STYLE="text-align: center" ROWSPAN=1 COLSPAN=1>32.2&nbsp;&nbsp;&nbsp;&nbsp;</TD>

          <TD STYLE="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none" ROWSPAN=1><!-- GUTTER -->&nbsp;</TD>

          <TD ROWSPAN=1 COLSPAN=1 STYLE="text-align: left">Certification by Chief Financial Officer pursuant to 18 USC. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*.</TD>

</TR>

</TABLE></DIV>


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          <TD STYLE="width: 1px"></TD>

          <TD STYLE="width: 20px; text-align: left">*</TD>

          <TD STYLE="text-align: left">Filed electronically herewith. </TD>

</TR>

</TABLE>

</DIV>

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<DOCUMENT>
<TYPE>EX-4.1.4
<SEQUENCE>2
<FILENAME>v303734_ex4x1x4.htm
<DESCRIPTION>EXHIBIT 4.1.4
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.1.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FOURTH SUPPLEMENTAL INDENTURE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Fourth Supplemental Indenture, dated
as of May 2, 2011 (this &ldquo;<U>Supplemental Indenture</U>&rdquo;), among Crispin Porter &amp; Bogusky Canada LP, a Canadian
limited partnership (&ldquo;<U>CPB Canada</U>&rdquo;), kbs+p Canada LP, a Canadian limited partnership (&ldquo;<U>KBSP Canada</U>&rdquo;),
Computer Composition of Canada LP, a Canadian limited partnership <U>(&ldquo;CCC</U>&rdquo; and together with CPB Canada and KBSP
Canada, each a &ldquo;<U>New Note Guarantor</U>&rdquo;), MDC Partners Inc., a corporation continued under the laws of Canada (together
with its successors and assigns, the &ldquo;<U>Company</U>&rdquo;), each other Note Guarantor under the Indenture referred to below,
and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Indenture referred to below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company, the Note Guarantors
and the Trustee have heretofore executed and delivered an Indenture, dated as of October 23, 2009 (as amended by that certain First
Supplemental Indenture dated as of May 14, 2010, Second Supplemental Indenture dated as of October 23, 2010, and Third Supplemental
Indenture dated as of April 19, 2011, and as may be further amended, supplemented, waived or otherwise modified, the &ldquo;<U>Indenture</U>&rdquo;),
providing for the issuance of 11% Senior Notes due 2016 of the Company (the &ldquo;<U>Notes</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, pursuant to Section 10.7 of the Indenture,
the Company is required to cause each Wholly Owned Subsidiary created or acquired by the Company to execute and deliver to the
Trustee an Additional Note Guarantee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, pursuant to Section&nbsp;9.1 of the
Indenture, the Trustee, the Company and existing Note Guarantors are authorized to execute and deliver this Supplemental Indenture
to supplement the Indenture, without the consent of any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, each New Note Guarantor, the Company,
each other Note Guarantor<B> </B>and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of
the Notes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">ARTICLE
I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.1. <U>Defined Terms</U>. Unless
otherwise defined in this Supplemental Indenture, terms defined in the Indenture are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">ARTICLE
II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AGREEMENT TO BE BOUND; GUARANTEE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.1. <U>Agreement to be Bound</U>.
Each New Note Guarantor hereby becomes a party to the Indenture as a Note Guarantor and as such will have all of the rights and
be subject to all of the obligations and agreements of a Note Guarantor under the Indenture. Each New Note Guarantor hereby agrees
to be bound by all of the provisions of the Indenture applicable to a Note Guarantor and to perform all of the obligations and
agreements of a Note Guarantor under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.2. <U>Guarantee</U>. Each New Note
Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally
with each other Note Guarantor, to each Holder of the Notes and the Trustee, the full and punctual payment when due, whether at
maturity, by acceleration, by redemption or otherwise, of the Obligations, all as more fully set forth in <U>Article X</U> of the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">ARTICLE
III</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.1. <U>Notices</U>. Any notice or
communication delivered to the Company under the provisions of the Indenture shall constitute notice to each New Note Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.2. <U>Parties</U>. Nothing expressed
or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee,
any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision
herein or therein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.3. <U>Governing Law etc</U>. This
Supplemental Indenture shall be governed by the provisions set forth in <U>Section&nbsp;11.7</U> of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.4. <U>Severability</U>. In case
any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to
the extent of such invalidity, illegality or unenforceability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.5. <U>Ratification of Indenture;
Supplemental Indenture Part of Indenture</U>. Except as expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered
shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture.
The recitals contained herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their
correctness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.6. <U>Duplicate and Counterpart
Originals</U>. The parties may sign any number of copies of this Supplemental Indenture. One signed copy is enough to prove this
Supplemental Indenture. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall
be an original, but all of them together represent the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.7. <U>Headings</U>. The headings
of the Articles and Sections in this Supplemental Indenture have been inserted for convenience of reference only, are not intended
to be considered as a part hereof and shall not modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -45pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">MDC PARTNERS INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in; tab-stops: 3.5in 6.0in">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 45%; text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Title:&nbsp;&nbsp; Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">CRISPIN PORTER + BOGUSKY CANADA LP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">KBS+P CANADA LP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">COMPUTER COMPOSITION OF CANADA LP,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-indent: 0in; tab-stops: 3.5in 6.0in">each as a Note Guarantor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">By: 7846746 CANADA INC.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">as General Partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">By:</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Title:&nbsp;&nbsp; Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Accent Marketing Services, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Ashton Potter Canada Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MDC/ CPB Holdings Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Crispin Porter &amp; Bogusky LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Dotglu LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Hello Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">KBP Holdings LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Kirshenbaum Bond Senecal &amp; Partners LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Maxxcom (USA) Holdings Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Maxxcom Inc. (US)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MDC Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MDC Corporate (US) Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MDC/KBP Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MF+P Acquisition Co.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">TargetCom LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">TC Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Yamamoto Moss Mackenzie, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">ZG Acquisition Inc.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-indent: 0in">each as Note Guarantor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Title:&nbsp;&nbsp; Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">THE BANK OF NEW YORK MELLON,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-indent: 0in; tab-stops: 3.5in 6.0in">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in; tab-stops: 3.5in 6.0in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 45%; text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Latoya Elvin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Title: &nbsp;&nbsp;Associate</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in"></P>

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<DOCUMENT>
<TYPE>EX-4.1.5
<SEQUENCE>3
<FILENAME>v303734_ex4x1x5.htm
<DESCRIPTION>EXHIBIT 4.1.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.1.5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FIFTH SUPPLEMENTAL INDENTURE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Fifth Supplemental Indenture, dated as
of September 19, 2011 (this &ldquo;<U>Supplemental Indenture</U>&rdquo;), among Varick Media Management LLC, a Delaware limited
liability company (&ldquo;<U>VMM</U>&rdquo;), Redscout LLC, a Delaware limited liability company (&ldquo;<U>Redscout</U>&rdquo;
and together with VMM, each a &ldquo;<U>New Note Guarantor</U>&rdquo;), MDC Partners Inc., a corporation continued under the laws
of Canada (together with its successors and assigns, the &ldquo;<U>Company</U>&rdquo;), each other Note Guarantor under the Indenture
referred to below, and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Indenture referred to
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company, the Note Guarantors
and the Trustee have heretofore executed and delivered an Indenture, dated as of October 23, 2009 (as amended by that certain First
Supplemental Indenture dated as of May 14, 2010, Second Supplemental Indenture dated as of October 23, 2010, Third Supplemental
Indenture dated as of April 19, 2011 and Fourth Supplemental Indenture dated as of May 2, 2011, and as may be further amended,
supplemented, waived or otherwise modified, the &ldquo;<U>Indenture</U>&rdquo;), providing for the issuance of 11% Senior Notes
due 2016 of the Company (the &ldquo;<U>Notes</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, pursuant to Section 10.7 of the Indenture,
the Company is required to cause each Wholly Owned Subsidiary created or acquired by the Company to execute and deliver to the
Trustee an Additional Note Guarantee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, pursuant to Section&nbsp;9.1 of the
Indenture, the Trustee, the Company and existing Note Guarantors are authorized to execute and deliver this Supplemental Indenture
to supplement the Indenture, without the consent of any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, each New Note Guarantor, the Company,
each other Note Guarantor<B> </B>and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of
the Notes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">ARTICLE
I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.1. <U>Defined Terms</U>. Unless
otherwise defined in this Supplemental Indenture, terms defined in the Indenture are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">ARTICLE
II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AGREEMENT TO BE BOUND; GUARANTEE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.1. <U>Agreement to be Bound</U>.
Each New Note Guarantor hereby becomes a party to the Indenture as a Note Guarantor and as such will have all of the rights and
be subject to all of the obligations and agreements of a Note Guarantor under the Indenture. Each New Note Guarantor hereby agrees
to be bound by all of the provisions of the Indenture applicable to a Note Guarantor and to perform all of the obligations and
agreements of a Note Guarantor under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.2. <U>Guarantee</U>. Each New Note
Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally
with each other Note Guarantor, to each Holder of the Notes and the Trustee, the full and punctual payment when due, whether at
maturity, by acceleration, by redemption or otherwise, of the Obligations, all as more fully set forth in <U>Article X</U> of the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none">ARTICLE
III</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.1. <U>Notices</U>. Any notice or
communication delivered to the Company under the provisions of the Indenture shall constitute notice to each New Note Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.2. <U>Parties</U>. Nothing expressed
or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee,
any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision
herein or therein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.3. <U>Governing Law etc</U>. This
Supplemental Indenture shall be governed by the provisions set forth in <U>Section&nbsp;11.7</U> of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.4. <U>Severability</U>. In case
any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to
the extent of such invalidity, illegality or unenforceability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.5. <U>Ratification of Indenture;
Supplemental Indenture Part of Indenture</U>. Except as expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered
shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture.
The recitals contained herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their
correctness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.6. <U>Duplicate and Counterpart
Originals</U>. The parties may sign any number of copies of this Supplemental Indenture. One signed copy is enough to prove this
Supplemental Indenture. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall
be an original, but all of them together represent the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.7. <U>Headings</U>. The headings
of the Articles and Sections in this Supplemental Indenture have been inserted for convenience of reference only, are not intended
to be considered as a part hereof and shall not modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -45pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold"><B>MDC PARTNERS INC.</B>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold; width: 50%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">By:</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Title:&nbsp; Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">VARICK MEDIA MANAGEMENT LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">REDCOUT LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.13in; tab-stops: 3.5in 6.0in">each as a Note Guarantor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">By:</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Title:&nbsp; Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Accent Marketing Services, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Ashton Potter Canada Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">COMPUTER COMPOSITION OF CANADA LP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-indent: 0in; text-transform: uppercase"><FONT STYLE="text-transform: uppercase">bY mdc canada gp inc.<B> </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">CRISPIN PORTER + BOGUSKY CANADA LP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-indent: 0in; text-transform: uppercase"><FONT STYLE="text-transform: uppercase">bY mdc canada gp inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Crispin Porter &amp; Bogusky LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Dotglu LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Hello Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">KBP Holdings LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">KBS+P CANADA LP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-indent: 0in; text-transform: uppercase"><FONT STYLE="text-transform: uppercase">bY mdc canada gp inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Kirshenbaum Bond Senecal &amp; Partners LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Maxxcom (USA) Holdings Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Maxxcom Inc. (US)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MDC Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MDC Corporate (US) Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MDC/KBP Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">MF+P Acquisition Co.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">TargetCom LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">TC Acquisition Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">Yamamoto Moss Mackenzie, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold; text-transform: uppercase">ZG Acquisition Inc.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 9pt; text-indent: 0in">each as Note Guarantor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:&nbsp; Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in; font-weight: bold">THE BANK OF NEW YORK MELLON,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.13in; tab-stops: 3.5in 6.0in">as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in; tab-stops: 3.5in 6.0in">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 45%; text-indent: 0in; tab-stops: 3.5in 6.0in; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">Name: Latoya Elvin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; tab-stops: 3.5in 6.0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:&nbsp; &nbsp;Associate</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">&nbsp;</P>

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<TYPE>EX-10.2.8
<SEQUENCE>4
<FILENAME>v303734_ex10x2x8.htm
<DESCRIPTION>EXHIBIT 10.2.8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.2.8</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EIGHTH AMENDMENT TO CREDIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS EIGHTH AMENDMENT
TO CREDIT AGREEMENT (this &quot;<U>Amendment</U>&quot;) dated as of February 13, 2012 and effective as of December 31, 2011 by
and among the <FONT STYLE="letter-spacing: -0.1pt">Lenders party hereto, WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells
Fargo Foothill, LLC, a Delaware limited liability company, as the agent for the Lenders (in such capacity, &quot;<U>Agent</U>&quot;),
</FONT>MDC PARTNERS INC., a Canadian corporation (&quot;<U>Parent</U>&quot;), <FONT STYLE="text-transform: uppercase">Maxxcom Inc<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>.</B></FONT></FONT>,
a Delaware corporation (&quot;<U>Borrower</U>&quot;), and each of the Subsidiaries of Parent identified on the signature pages
hereof (together with Parent and Borrower, the &quot;<U>Loan Parties</U>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, Parent, Borrower,
the other Loan Parties, Agent, and Lenders are parties to that certain Credit Agreement dated as of October 23, 2009 (as amended,
modified or supplemented from time to time, the &quot;<U>Credit Agreement</U>&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, Borrower, Agent
and the Lenders have agreed to amend and modify the Credit Agreement as provided herein, in each case subject to the terms and
provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW THEREFORE, in consideration
of the premises and mutual agreements herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined
Terms</U>. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the
Credit Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to Credit Agreement</U>. Subject to the satisfaction of the conditions set forth in <U>Section 4</U> below and in reliance upon
the representations and warranties of the Loan Parties set forth in <U>Section 5</U> below, the Credit Agreement is hereby amended
as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection
(a) of Section 7 of the Credit Agreement is hereby amended and restated in its entirety as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Minimum
EBITDA</B>. Achieve EBITDA, measured on a quarter-end basis, of at least the required amount set forth in the following table for
the applicable period set forth opposite thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Applicable Amount</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center">Applicable Period</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 18%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">90,000,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">For the 12 month period ending December 31, 2011</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>$&nbsp;</TD>
    <TD STYLE="text-align: right">75,000,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">For the 12 month period ending March 31, 2012 and for the 12 month period ending on the last day of each calendar quarter thereafter</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>provided</U>, that, concurrently with the closing
of each Permitted Acquisition consummated after December 31, 2011, the EBITDA level set forth above shall be increased by an amount
equal to 75% of Pro Forma EBITDA attributable to any Loan Party or any Subsidiary of Parent acquired in such Permitted Acquisition
for the 12 months preceding the date of consummation of such Permitted Acquisition; <U>provided</U> <U>further</U>, that, in no
event shall the EBITDA level for the purposes set forth in this subsection be increased to an amount in excess of $150,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection
(b) of Section 7 of the Credit Agreement is hereby amended and restated in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fixed
Charge Coverage Ratio</B>. Have a Fixed Charge Coverage Ratio, measured on a quarter-end basis, of at least the required amount
set forth in the following table for the applicable period set forth opposite thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid">Applicable Ratio</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: center; border-bottom: Black 1pt solid">Applicable Period</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">1.25:1.0</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the 12 month period ending</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 31, 2011</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">1.10:1.0</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">For the 12 month period ending March 31, 2012</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">1.25:1.0</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">For the 12 month period ending June 30, 2012 and for the 12 month period ending on the last day of each calendar quarter thereafter</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection
(e) of Section 7 of the Credit Agreement is hereby amended and restated in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Total
Leverage Ratio</B>. Have a Total Leverage Ratio, measured on a quarter-end basis, of not greater than the applicable ratio set
forth in the following table for the applicable date set forth opposite thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid">Applicable Ratio</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: center; border-bottom: Black 1pt solid">Applicable Date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">4.15:1.0</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the 12 month period ending</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 31, 2011</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">4.60:1.0</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the 12 month period ending</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 31, 2012</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center">3.75:1.0</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">For the 12 month period ending June 30, 2012 and for the 12 month period ending on the last day of each calendar quarter thereafter</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><U>Ratification;
Other Acknowledgments</U></FONT>.<FONT STYLE="letter-spacing: -0.15pt"> This Amendment, subject to satisfaction of the conditions
provided below, shall constitute an amendment to the Credit Agreement and all of the Loan Documents as appropriate to express the
agreements contained herein. The Credit Agreement and the Loan Documents shall remain unchanged and in full force and effect in
accordance with their original terms.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Effectiveness</U>. This Amendment shall become effective as of the date hereof and upon the satisfaction of the following conditions
precedent:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall have received a fully executed copy of this Amendment;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent
shall have received payment of the fees set forth in that certain Eighth Amendment Fee Letter, dated as of the date hereof; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Default or Event of Default shall have occurred and be continuing on the date hereof or as of the date of the effectiveness of
this Amendment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. In order to induce Agent and Lenders to enter into this Amendment, each Loan Party hereby represents and warrants
to Agent and Lenders, after giving effect to this Amendment:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of
the date of this Amendment, in each case as if then made, other than representations and warranties that expressly relate solely
to an earlier date (in which case such representations and warranties were true and correct on and as of such earlier date);</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Default or Event of Default has occurred and is continuing; and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of
such Loan Party.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
Borrower agrees to pay on demand all costs and expenses of Agent (including the reasonable fees and expenses of outside counsel
for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other
instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith. All obligations
provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Amendment shall be a contract made under and governed by the internal laws of the State of New York.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="letter-spacing: -0.15pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and
each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Amendment.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Release</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, each Loan Party, on behalf of itself and its successors, assigns, and other legal
representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and Lenders,
and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors,
directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being
hereinafter referred to collectively as the &quot;<U>Releasees</U>&quot; and individually as a &quot;<U>Releasee</U>&quot;), of
and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money,
accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities
whatsoever (individually, a &quot;<U>Claim</U>&quot; and collectively, &quot;<U>Claims</U>&quot;) of every name and nature, known
or unknown, suspected or unsuspected, both at law and in equity, which such Loan Party or any of its respective successors, assigns,
or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for,
upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date
of this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with any
of the Credit Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense
and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or
attempted in breach of the provisions of such release.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Loan Party agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter
be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized and delivered as
of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>MDC PARTNERS INC.</B>, a federal company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">organized under the laws of Canada</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD>Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>MAXXCOM INC.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>72ANDSUNNY PARTNERS, LLC</B>.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Accent Marketing Services, L.L.C.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Adrenalina LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>ANOMALY PARTNERS LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>ALLISON &amp; PARTNERS LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Attention Partners LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Bruce Mau Design (USA) LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Colle &amp; McVoy LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Colle &amp; McVoy, Inc.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Minnesota corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>COMMUNIFX PARTNERS LLC</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Company C Communications, Inc.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Company C CommunIcations LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">CONCENTRIC PARTNERS LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Crispin Porter &amp; Bogusky LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Dotglu LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-weight: bold">EXPECTING PRODUCTIONS, LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a California limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.12in">By: Hudson and Sunset Media, LLC, its sole member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>GUARDIANT WARRANTY, LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Hello Design, LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a California limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>HL Group Partners LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">HUDSON AND SUNSET MEDIA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(formerly known as Shout Media LLC),</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a California limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>HW ACQUISITION LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>INTEGRATED MEDIA SOLUTIONS<BR>
PARTNERS LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>KBP Holdings LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">kbs+p atlanta LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(formerly known as Fletcher Martin LLC),</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Kirshenbaum Bond Senecal &amp;<BR>
Partners LLC</B> (</FONT>formerly known as Kirshenbaum<BR>
Bond &amp; Partners LLC),</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Kirshenbaum Bond &amp; Partners West<BR>
LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>KWITTKEN PR LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">LAIRD + PARTNERS NEW YORK LLC,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delware limited liability company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="text-transform: uppercase"><B>Margeotes Fertitta Powell LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Maxxcom (USA) Finance Company</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Maxxcom (USA) Holdings Inc.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>MDC Acquisition Inc.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>MDC Corporate (US) Inc.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">MDC INNOVATION PARTNERS LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d/b/a Spies &amp; Assassins),</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>MDC Travel, Inc.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>MDC/KBP Acquisition Inc.</B></FONT> (for itself and as</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>successor-in-interest to Hello Acquisition Inc.)<FONT STYLE="font-size: 10pt">,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>MF+P Acquisition Co.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Mono Advertising, LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>NEW TEAM LLC</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Northstar Research GP LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Northstar Research Holdings USA LP</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">Northstar Research Partners (USA)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>LLC</B></FONT>, a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>OUTERACTIVE, LLC</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>PULSE MARKETING, LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Redscout LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>RELEVENT PARTNERS LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>RJ PALMER PARTNERS LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Skinny NYC LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>SLOANE &amp; COMPANY LLC</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Source Marketing LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a New York limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>TargetCom LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>TC Acquisition Inc.</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">THE ARSENAL LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(formerly known as Team Holdings LLC),</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Track 21 LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Traffic Generators, LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Georgia limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>TRADE X PARTNERS LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>VARICK MEDIA MANAGEMENT LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>VitroRobertson LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="text-transform: uppercase"><B>Yamamoto Moss Mackenzie, Inc</B></FONT><B>.</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>ZG Acquisition Inc. </B>(</FONT>for itself and as</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>successor-in-interest to MDC/CPB Holdings Inc.), </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>Zyman Group, LLC</B></FONT>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Delaware limited liability company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>ACCUMARK PARTNERS INC. </B>(formerly known as</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>6 Degrees Integrated Communications Inc.), an Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>ASHTON POTTER CANADA INC.</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>BOOM MARKETING INC.</B>, an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>HENDERSON BAS</B>, an Ontario general partnership,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>by the members of its management committee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>BRUCE MAU DESIGN INC.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>BRUCE MAU HOLDINGS LTD.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>TREE CITY INC.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>VERITAS COMMUNICATIONS INC.</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>656712 ONTARIO LIMITED</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NORTHSTAR RESEARCH HOLDINGS CANADA</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INC.</B>, an Ontario corporation</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>NORTHSTAR RESEARCH PARTNERS INC.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>X CONNECTIONS INC.</B>, an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>STUDIO PICA INC.</B>, a federal company organized<BR>
under the laws of Canada</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">6 DEGREES INTEGRATED</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>COMMUNICATIONS CORP, </B>an Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>MAXXCOM (NOVA SCOTIA) CORP.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a Nova Scotia corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>BRYAN MILLS IRADESSO CORP.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>KENNA COMMUNICATIONS LP</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">an Ontario limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%">Kenna Communications GP Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its general partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CAPITAL C PARTNERS LP</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">an Ontario limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Capital C Partners GP Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its general partner</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>KENNA COMMUNICATIONS GP INC.</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>CAPITAL C PARTNERS GP INC.</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">CRISPIN PORTER + BOGUSKY CANADA LP,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: Its general partner, MDC Canada GP Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">KBS+P CANADA LP,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: Its general partner, MDC Canada GP Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>COMPUTER COMPOSITION OF CANADA LP</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>an Ontario limited partnership</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: Its general partner, MDC Canada GP Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">MDC CANADA GP INC.,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>a corporation incorporated under the laws of Canada</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; text-decoration: none; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; width: 45%">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CRISPIN PORTER &amp; BOGUSKY EUROPE AB</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a limited company existing under the laws of Sweden</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; text-decoration: none; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; width: 46%">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Michael Sabatino</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>WELLS FARGO CAPITAL FINANCE, LLC</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">formerly known as Wells Fargo Foothill, LLC, as</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Agent and as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; text-decoration: none; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Paul G. Chao</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>JPMorgan Chase Bank, N.A.</B></FONT>, as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-decoration: none; width: 46%">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Michelle Cipriani</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>Bank of Montreal</B></FONT>, as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase; color: black"><B>Goldman Sachs Lending Partners LLC</B></FONT>,<BR>
as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Pages to Eighth Amendment to Credit Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.13.3
<SEQUENCE>5
<FILENAME>v303734_ex10x13x3.htm
<DESCRIPTION>EXHIBIT 10.13.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.13.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>RESTRICTED STOCK GRANT
AGREEMENT (2012)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><B>THIS
AGREEMENT</B>, made as of February 14, 2012 (the &ldquo;<B>Grant Date</B>&rdquo;), between MDC Partners Inc., a Canadian corporation
(the &ldquo;<B>Corporation</B>&rdquo;), and _______ (the &ldquo;<B>Grantee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">WHEREAS,
the Corporation has adopted the 2011 Stock Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) for the purpose of providing <FONT STYLE="color: black">employees
and consultants of the Corporation and eligible non-employee directors</FONT> of the Corporation&rsquo;s Board of Directors a proprietary
interest in pursuing the long-term growth, profitability and financial success of the Corporation (except as otherwise expressly
set forth herein, capitalized terms used in this Agreement shall have the definitions set forth in the Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">WHEREAS,
the Human Resources &amp; Compensation Committee (the &ldquo;<B>Committee</B>&rdquo;) of the Board of Directors has determined
that it is in the best interests of the Corporation to make the award set forth herein, which award will vest on the third anniversary
of the date hereof, subject to accelerated vesting upon achievement by the Corporation of specified financial growth targets during
the calendar years 2012 &ndash; 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">WHEREAS,
pursuant to the Plan, the Committee has determined to grant an Other Stock-Based Award to the Grantee in the form of shares of
Class A subordinate voting shares, subject to the terms, conditions and limitations provided herein, including achievement of financial
performance targets, and in the Plan (the &ldquo;<B>Restricted Stock</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Grant
of Restricted Stock</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation hereby grants to the Grantee, on the terms and conditions set forth in this Agreement, the number of shares of Restricted
Stock set forth under the Grantee's name on the signature page hereto (the &ldquo;<B>2012 Restricted Stock Award</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grantee's rights with respect to all the shares of Restricted Stock underlying the 2012 Restricted Stock Award shall not vest and
will remain forfeitable at all times prior to the Vesting Date (as defined below). At any time, reference to the 2012 Restricted
Stock Award shall be deemed to be a reference to the Restricted Shares granted under Section 1.1 that have neither vested nor been
forfeited pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be construed in accordance with, and subject to, the terms of the Plan (the provisions of which are incorporated
herein by reference).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Rights
of Grantee</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">Except as
otherwise provided in this Agreement, the Grantee shall be entitled, at all times on and after the Grant Date, to exercise all
rights of a shareholder with respect to the 2012 Restricted Stock Award, including the right to vote the shares of Restricted Stock.
Prior to the Vesting Date, the Grantee shall not be entitled to transfer, sell, pledge, hypothecate or assign any portion of the
2012 Restricted Stock Award (collectively, the &ldquo;<B>Transfer Restrictions</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Vesting;
Lapse of Restrictions</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transfer Restrictions with respect to all the shares of Restricted Stock granted under this Agreement shall lapse on the third
(3rd) anniversary of the Grant Date (the &ldquo;<B>Vesting Date</B>&rdquo;), provided the Grantee continues to be serving as an
employee of the Corporation until such Vesting Date; <U>provided</U>, <U>further</U>, that the Transfer Restrictions with respect
to all the shares of Restricted Stock shall lapse, if sooner, on the date of any one of the following &ldquo;<B>Permitted Acceleration
Events</B>&rdquo;: (i) the occurrence of a Change in Control (as defined in the Plan); (ii) the Grantee&rsquo;s employment is terminated
by the Corporation (other than for &ldquo;cause&rdquo;), or by the employee for &ldquo;good reason&rdquo; (as each such term may
be defined in the Grantee&rsquo;s underlying employment agreement); (iii) the Grantee&rsquo;s death or disability; or (iv) achievement
by the Corporation of the financial performance measure(s) set forth in Section 3.3 herein. In no event shall the Grantee be vested
or otherwise entitled to more than one hundred percent (100%) of the shares of Restricted Stock granted pursuant to section 1.1
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">3.2&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Agreement to the contrary, upon the resignation or termination of Grantee as an executive of the Corporation for
cause (other than due to a Permitted Acceleration Event), all shares of Restricted Stock in respect of which the Transfer Restrictions
have not previously lapsed in accordance with Section 3.1 hereof shall be forfeited and automatically transferred to and reacquired
by the Corporation at no cost to the Corporation, and neither the Grantee nor any heirs, executors, administrators or successors
of such Grantee shall thereafter have any right or interest in such shares of Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the foregoing, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="color: black">(a)</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black">&ldquo;<B><U>2012-2013 Performance
Measures</U></B>&rdquo; means the achievement by the Corporation of EBITDA in the following amounts during the specified Performance
Period (as defined in the Plan):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2012
Target.</U> In the event that the Corporation achieves EBITDA for the twelve-months ended December 31, 2012, in an amount equal
to not less than the product of 2011 EBITDA (as defined below) multiplied by 1.05 (the &ldquo;<B>2012 Target</B>&rdquo;), then
50% of the 2012 Restricted Stock Award will vest on March 1, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2012/2013
Cumulative Target</U>. In the event that the Corporation achieves EBITDA for the two (2) years ended December 31, 2013, in an amount
equal to not less than the sum of (i) the 2012 Target, plus (ii) the product of the 2012 Target multiplied by 1.10 (such sum, the
&ldquo;<B>2012/2013 Cumulative Target</B>&rdquo;), then 100% of the 2012 Restricted Stock Award will vest on March 1, 2014 (but
only to the extent not previously vested).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2012
Restricted Stock Award Limit</U>. In no event shall the Grantee be vested or otherwise entitled to more than one hundred percent
(100%) of the shares of Restricted Stock granted as part of the 2012 Restricted Stock Award pursuant to section 1.1 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B><U>Cause</U></B>&rdquo;
means the Grantee&rsquo;s termination by reason of <FONT STYLE="color: black">(i) his/her continued or willful failure substantially
to perform his/her duties for the Corporation, (ii) his/her willful and serious misconduct in connection with the performance of
his/her duties for the Corporation, (iii) the Grantee&rsquo;s conviction of, or entering a plea of guilty or <U>nolo</U> <U>contendere</U>
to, a crime that constitutes a felony or a crime involving moral turpitude, (iv) his/her fraudulent or dishonest conduct or (v)
his/her material breach of any of his/her obligations or covenants under any written policies of the Corporation or any written
agreement between such Grantee and the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black">&ldquo;<B><U>Change
in Control</U></B>&rdquo; shall have the meaning set forth in Section 2(b) of the Plan, provided that the reference to &ldquo;</FONT>twenty-five
percent (25%) or more of the combined voting power of MDC's then outstanding voting securities<FONT STYLE="color: black">&rdquo;
in Section 2(b)(i) of the Plan shall, for purposes of this 2012 Restricted Stock Award, be amended to read &ldquo;</FONT>fifty
percent (50%) or more of the combined voting power of MDC's then outstanding voting securities<FONT STYLE="color: black">&rdquo;;
and, provided further, that the reference in Section 2(b)(iii)(A)(III)(3) to &ldquo;twenty five percent (25%) or more of the combined
voting power of the Surviving Corporation&rsquo;s voting securities outstanding immediately following such transaction&rdquo; shall,
for purposes of this 2012 Restricted Stock Award, be amended to read &ldquo;fifty percent (50%) or more of the combined voting
power of the Surviving Corporation&rsquo;s voting securities outstanding immediately following such transaction&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&ldquo;<U>Disability</U>&rdquo;</B>
shall mean a mental or physical condition of the Grantee rendering him unable to perform his/her duties for the Corporation for
a period of six (6) consecutive months or for 180 days within any consecutive 365-day period and which is reasonably expected to
continue indefinitely; <U>provided</U> that if, as of the date of determination, the Grantee is a party to an effective employment
agreement with a different definition of &ldquo;Disability&rdquo; or any derivation of such term, <FONT STYLE="color: black">the
definition of &ldquo;Disability&rdquo; (or its derivation) contained in such employment agreement shall be substituted for the
definition set forth above for all purposes hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B><U>EBITDA</U></B>&rdquo;
shall mean the Corporation&rsquo;s share of consolidated earnings before interest, taxes, depreciation and amortization, plus any
non-cash charges for stock-based compensation which were deducted in the calculation of EBITDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.25in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B><U>2011
EBITDA</U></B>&rdquo; shall mean the Corporation&rsquo;s EBITDA for the year ended December 31, 2011, as determined by the Compensation
Committee following completion of Corporation&rsquo;s audited financial statements for the year ended December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Escrow
and Delivery of Shares</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">4.1 Certificates (or an electronic
&quot;book entry&quot; on the books of the Corporation's stock transfer agent) representing the shares of Restricted Stock shall
be issued and held by the Corporation (or its stock transfer agent) in escrow (together with any stock transfer powers which the
Corporation may request of Grantee) and shall remain in the custody of the Corporation (or its stock transfer agent) until (i)
their delivery to the Grantee as set forth in Section 4.2 hereof, or (ii) their forfeiture and transfer to the Corporation as set
forth in Section 3.2 hereof. The appointment of an independent escrow agent shall not be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates
(or an electronic &quot;book entry&quot;) representing those shares of Restricted Stock in respect of which the Transfer Restrictions
have lapsed pursuant to Section 3.1 hereof shall be delivered to the Grantee as soon as practicable following the Vesting Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grantee, or the executors or administrators of the Grantee's estate, as the case may be, may receive, hold, sell or otherwise dispose
of those shares of Restricted Stock delivered to him or her pursuant to this Section 4.2 free and clear of the Transfer Restrictions,
but subject to compliance with all federal and state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
stock certificate issued pursuant to Section 4.1 shall bear a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">This
certificate and the shares of stock represented hereby are subject to the terms and conditions applicable to Restricted Stock contained
in the 2011 Stock Incentive Plan (the &quot;Plan&quot;) and a Restricted Stock Agreement (the &quot;Agreement&quot;) between the
Corporation and the registered owner of the shares represented hereby. Release from such terms and conditions shall be made only
in accordance with the provisions of the Plan(s) and the Agreement, copies of which are on file in the office of the Secretary
of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable following a Vesting Date, the Corporation shall issue a new certificate (or electronic &quot;book entry&quot;)
for shares of the Restricted Stock which have become non-forfeitable in relation to such Vesting Date, which new certificate (or
electronic &quot;book entry&quot;) shall not bear the legend set forth in paragraph (a) of this Section 4.3 and shall be delivered
in accordance with Section 4.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Dividends</U></B>.
All dividends declared and paid by the Corporation on shares underlying the 2012 Restricted Stock Award shall be deferred until
the lapsing of the Transfer Restrictions pursuant to Section 3.1 and shall be distributed only to the extent the underlying shares
of Restricted Stock vest and are distributed in accordance with Section 3. The deferred dividends shall be held by the Corporation
for the account of the Grantee until the Vesting Date, at which time the dividends, with no interest thereon, shall be paid to
the Grantee or her/his estate, as the case may be. Upon the forfeiture of the shares of Restricted Stock pursuant to Section 3,
any deferred dividends shall also be forfeited to the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No
Right to Continued Retention</U></B>. Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the
Grantee any right with respect to continuance as an employee, nor shall this Agreement or the Plan interfere in any way with the
right of the Corporation to terminate the Grantee's service as an employee at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Adjustments
Upon Change in Capitalization</U></B>. If, by operation of Section 10 of the Plan, the Grantee shall be entitled to new, additional
or different shares of stock or securities of the Corporation or any successor corporation or entity or other property, such new,
additional or different shares or other property shall thereupon be subject to all of the conditions and restrictions which were
applicable to the shares of Restricted Stock immediately prior to the event and/or transaction that gave rise to the operation
of Section 10 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Modification
of Agreement; Adjustment of Performance Measures by the Committee</U></B>. Except as set forth in the Plan and herein, this Agreement
may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument
executed by the parties hereto. Notwithstanding the foregoing, the Committee shall adjust the 2012-2013 Performance Measures in
the event that the Corporation acquires or disposes any material assets or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>.
Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason,
the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force and effect in
accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing
Law</U></B>. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of New York without regard to its conflict of laws principle, except to the extent that the application of New York law would
result in a violation of the Canadian Business Corporation Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Successors
in Interest</U></B>. This Agreement shall inure to the benefit of and be binding upon any successor to the Corporation. This Agreement
shall inure to the benefit of the Grantee's heirs, executors, administrators and successors. All obligations imposed upon the Grantee
and all rights granted to the Corporation under this Agreement shall be binding upon the Grantee's heirs, executors, administrators
and successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">MDC PARTNERS INC.</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">By:</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name:&nbsp;&nbsp; Michael Sabatino</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Accounting Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">MDC PARTNERS INC.</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name:&nbsp; Mitchell Gendel</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Title:&nbsp;&nbsp;&nbsp; General Counsel</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">GRANTEE: ___________</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">Number of Shares of Restricted</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>Stock Hereby Granted:</B> ___________</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

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<TYPE>EX-10.13.4
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<DESCRIPTION>EXHIBIT 10.13.4
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.13.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RESTRICTED STOCK UNIT (RSU) GRANT
AGREEMENT (2012)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS AGREEMENT</B>,
made as of February 14, 2012 (the &ldquo;<B>Grant Date</B>&rdquo;), between MDC Partners Inc., a Canadian corporation (the &ldquo;<B>Corporation</B>&rdquo;),
and _______ (the &ldquo;<B>Grantee</B>&rdquo;), an employee of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Corporation
has adopted the 2011 Stock Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) for the purpose of providing <FONT STYLE="color: black">employees
and consultants of the Corporation and eligible non-employee directors</FONT> of the Corporation&rsquo;s Board of Directors a proprietary
interest in pursuing the long-term growth, profitability and financial success of the Corporation (except as otherwise expressly
set forth herein, capitalized terms used in this Agreement shall have the definitions set forth in the Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> the
Human Resources &amp; Compensation Committee (the &ldquo;<B>Committee</B>&rdquo;) of the Board of Directors has determined that
it is in the best interests of the Corporation to make the award set forth herein, which award will vest on the third anniversary
of the date hereof, subject to accelerated vesting upon achievement by the Corporation of specified financial growth targets during
the calendar years 2012 &ndash; 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, pursuant
to the Plan, the Committee has determined to grant an Other Stock-Based Award to the Grantee in the form of restricted stock units
(the &ldquo;<B>Restricted Stock Units</B>&rdquo;) of shares of Class A subordinate voting shares of the Corporation (&ldquo;<B>Class
A Shares</B>&rdquo;), subject to the terms, conditions and limitations provided herein and in the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE,
</B>the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Grant of Restricted Stock Units</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation hereby grants to the Grantee, on the terms and conditions set forth in this Agreement, the number of shares of Restricted
Stock Units set forth under the Grantee's name on the signature page hereto. Each Restricted Stock Unit issued under this Agreement
shall represent the right to receive one issued and outstanding share of the Class A Shares of the Corporation, but shall be subject
to the restrictions, conditions and other terms set forth in this Agreement and in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grantee's rights with respect to all the shares of Restricted Stock Units shall remain forfeitable at all times prior to the Vesting
Date (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be construed in accordance with, and subject to, the terms of the Plan (the provisions of which are incorporated
herein by reference).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Rights
of Grantee</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">With
respect to the Restricted Stock Units awarded hereunder, the Grantee shall have no rights as a stockholder of the Corporation (including
the right to vote or receive dividends) with respect to any Class A Shares of the Corporation until the date of issuance to the
Grantee of a certificate or other evidence of ownership representing such Class A Shares in settlement thereof. </FONT>Prior to
the Vesting Date, the Grantee shall not be entitled to transfer, sell, pledge, hypothecate or assign any portion of the Restricted
Stock Units (collectively, the &ldquo;<B>Transfer Restrictions</B>&rdquo;) without the prior consent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Vesting;
Lapse of Restrictions</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transfer Restrictions with respect to all the shares underlying the Restricted Stock Units granted under this Agreement shall lapse
on the third (3rd) anniversary of the Grant Date (the &ldquo;<B>Vesting Date</B>&rdquo;), provided the Grantee continues to be
serving as an employee of the Corporation until such Vesting Date; <U>provided</U>, <U>further</U>, that the Transfer Restrictions
with respect to all the shares underlying the Restricted Stock Units shall lapse, if sooner, on the date of any one of the following
&ldquo;<B>Permitted Acceleration Events</B>&rdquo;: (i) the occurrence of a Change in Control (as defined in the Plan); (ii) the
Grantee&rsquo;s employment is terminated by the Corporation (other than for &ldquo;cause&rdquo;), or by the employee for &ldquo;good
reason&rdquo; (as each such term may be defined in the Grantee&rsquo;s underlying employment agreement); (iii) the Grantee&rsquo;s
death or disability; or (iv) achievement by the Corporation of the financial performance measure(s) set forth in Section 3.3 herein.
In no event shall the Grantee be vested or otherwise entitled to more than one hundred percent (100%) of the shares underlying
the Restricted Stock Units granted pursuant to section 1.1 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 27pt">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Agreement to the contrary, upon the resignation or termination of Grantee as an executive of the Corporation for
cause (other than due to a Permitted Acceleration Event), all shares underlying the Restricted Stock Units in respect of which
the Transfer Restrictions have not previously lapsed in accordance with Section 3.1 hereof shall be forfeited and automatically
transferred to and reacquired by the Corporation at no cost to the Corporation, and neither the Grantee nor any heirs, executors,
administrators or successors of such Grantee shall thereafter have any right or interest in such shares of Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the foregoing, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B><U>2012-2013
Performance Measures</U></B>&rdquo; means the achievement by the Corporation of EBITDA in the following amounts during the specified
Performance Period (as defined in the Plan):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2012
Target.</U> In the event that the Corporation achieves EBITDA for the twelve-months ended December 31, 2012, in an amount equal
to not less than the product of 2011 EBITDA (as defined below) multiplied by 1.05 (the &ldquo;<B>2012 Target</B>&rdquo;), then
50% of the 2012 Restricted Stock Units will vest on March 1, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2012/2013
Cumulative Target</U>. In the event that the Corporation achieves EBITDA for the two (2) years ended December 31, 2013, in an amount
equal to not less than the sum of (i) the 2012 Target, plus (ii) the product of the 2012 Target multiplied by 1.10 (such sum, the
&ldquo;<B>2012/2013 Cumulative Target</B>&rdquo;), then 100% of the 2012 Restricted Stock Units will vest on March 1, 2014 (but
only to the extent not previously vested).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2012
Restricted Stock Award Limit</U>. In no event shall the Grantee be vested or otherwise entitled to more than one hundred percent
(100%) of the shares of Restricted Stock granted as part of the 2012 Restricted Stock Units pursuant to section 1.1 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B><U>Cause</U></B>&rdquo;
means the Grantee&rsquo;s termination by reason of <FONT STYLE="color: black">(i) his/her continued or willful failure substantially
to perform his/her duties for the Corporation, (ii) his/her willful and serious misconduct in connection with the performance of
his/her duties for the Corporation, (iii) the Grantee&rsquo;s conviction of, or entering a plea of guilty or <U>nolo</U> <U>contendere</U>
to, a crime that constitutes a felony or a crime involving moral turpitude, (iv) his/her fraudulent or dishonest conduct or (v)
his/her material breach of any of his/her obligations or covenants under any written policies of the Corporation or any written
agreement between such Grantee and the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black">&ldquo;<B><U>Change
in Control</U></B>&rdquo; shall have the meaning set forth in Section 2(b) of the Plan, provided that the reference to &ldquo;</FONT>twenty-five
percent (25%) or more of the combined voting power of MDC's then outstanding voting securities<FONT STYLE="color: black">&rdquo;
in Section 2(b)(i) of the Plan shall, for purposes of this 2012 Restricted Stock Award, be amended to read &ldquo;</FONT>fifty
percent (50%) or more of the combined voting power of MDC's then outstanding voting securities<FONT STYLE="color: black">&rdquo;;
and, provided further, that the reference in Section 2(b)(iii)(A)(III)(3) to &ldquo;twenty five percent (25%) or more of the combined
voting power of the Surviving Corporation&rsquo;s voting securities outstanding immediately following such transaction&rdquo; shall,
for purposes of this 2012 Restricted Stock Unit Award, be amended to read &ldquo;fifty percent (50%) or more of the combined voting
power of the Surviving Corporation&rsquo;s voting securities outstanding immediately following such transaction&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&ldquo;<U>Disability</U>&rdquo;</B>
shall mean a mental or physical condition of the Grantee rendering him unable to perform his/her duties for the Corporation for
a period of six (6) consecutive months or for 180 days within any consecutive 365-day period and which is reasonably expected to
continue indefinitely; <U>provided</U> that if, as of the date of determination, the Grantee is a party to an effective employment
agreement with a different definition of &ldquo;Disability&rdquo; or any derivation of such term, <FONT STYLE="color: black">the
definition of &ldquo;Disability&rdquo; (or its derivation) contained in such employment agreement shall be substituted for the
definition set forth above for all purposes hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1.25in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B><U>EBITDA</U></B>&rdquo;
shall mean the Corporation&rsquo;s share of consolidated earnings before interest, taxes, depreciation and amortization, plus any
non-cash charges for stock-based compensation which were deducted in the calculation of EBITDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1.25in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B><U>2011
EBITDA</U></B>&rdquo; shall mean the Corporation&rsquo;s EBITDA for the year ended December 31, 2011, as determined by the Compensation
Committee following completion of Corporation&rsquo;s audited financial statements for the year ended December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Delivery
of Shares</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates
(or an electronic &quot;book entry&quot;) representing those Class A Shares issued in settlement of Restricted Stock Units in respect
of which the Transfer Restrictions have lapsed pursuant to Section 3.1 hereof shall be delivered to the Grantee as soon as practicable
following the Vesting Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Grantee, or the executors or administrators of the Grantee's estate, as the case may be, may receive, hold, sell or otherwise dispose
of those shares of Restricted Stock Units delivered to him or her pursuant to this Section 4.2 free and clear of the Transfer Restrictions,
but subject to compliance with all federal and state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Dividends</U></B>.
All dividends declared and paid by the Corporation on shares of Restricted Stock Units shall be deferred until the lapsing of the
Transfer Restrictions pursuant to Section 3.1 and shall be distributed only to the extent the underlying shares of Restricted Stock
vest and are distributed in accordance with Section 3. The deferred dividends shall be held by the Corporation for the account
of the Grantee until the Vesting Date, at which time the dividends, with no interest thereon, shall be paid to the Grantee or her/his
estate, as the case may be. Upon the forfeiture of the shares of Restricted Stock Units pursuant to Section 3.2, any deferred dividends
shall also be forfeited to the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No
Right to Continued Retention</U></B>. Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the
Grantee any right with respect to continuance as an employee, nor shall this Agreement or the Plan interfere in any way with the
right of the Corporation to terminate the Grantee's service as an employee at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Adjustments
Upon Change in Capitalization</U></B>. If, by operation of Section 10 of the Plan, the Grantee shall be entitled to new, additional
or different shares of stock or securities of the Corporation or any successor corporation or entity or other property, such new,
additional or different shares or other property shall thereupon be subject to all of the conditions and restrictions which were
applicable to the shares of Restricted Stock Units immediately prior to the event and/or transaction that gave rise to the operation
of Section 10 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Modification
of Agreement</U></B>. Except as set forth in the Plan and herein, this Agreement may be modified, amended, suspended or terminated,
and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto. Notwithstanding the
foregoing, the Committee shall adjust the 2012-2013 Performance Measures in the event that the Corporation acquires or disposes
any material assets or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>.
Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason,
the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force and effect in
accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing
Law</U></B>. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of New York without regard to its conflict of laws principle, except to the extent that the application of New York law would
result in a violation of the Canadian Business Corporation Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Successors
in Interest</U></B>. This Agreement shall inure to the benefit of and be binding upon any successor to the Corporation. This Agreement
shall inure to the benefit of the Grantee's heirs, executors, administrators and successors. All obligations imposed upon the Grantee
and all rights granted to the Corporation under this Agreement shall be binding upon the Grantee's heirs, executors, administrators
and successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify">MDC PARTNERS INC.</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">By:</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Name: &nbsp;&nbsp;Michael Sabatino</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Accounting Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">MDC PARTNERS INC.</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name:&nbsp; Mitchell Gendel</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Title:&nbsp;&nbsp;&nbsp; General Counsel</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-weight: bold">GRANTEE:&nbsp; [name of employee]</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" NOWRAP>Number of Restricted Stock Units Hereby Granted:&nbsp;___________</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>7
<FILENAME>v303734_ex12.htm
<DESCRIPTION>EXHIBIT 12
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit&nbsp;12</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 45pt"><B>Statement of Computation
of Ratio of Earnings to Fixed Charges</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Twelve&nbsp;Months&nbsp;Ended <BR>December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2008</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2007</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Earnings:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Income (Loss) from continuing operations attributable to MDC Partners Inc.</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(83,313</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(11,491</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(15,144</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">11,044</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(17,783</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Additions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income taxes (recovery)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(165</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,081</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Noncontrolling interest in earnings of consolidated subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,566</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,474</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fixed charges, as shown below</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Distributions received from equity-method investees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,584</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">638</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">440</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">104,706</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,053</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">41,660</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,630</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Subtractions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity in income (loss) of investees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">349</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Noncontrolling interest in earnings of consolidated subsidiaries that have not incurred fixed charges</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">213</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">866</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">349</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">Earnings as adjusted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,696</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,524</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42,325</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,573</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Fixed charges:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Interest on indebtedness, expensed or capitalized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,351</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,057</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amortization of debt discount and expense and premium on indebtedness, expensed or capitalized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,041</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,330</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest within rent expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,711</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,019</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,262</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,495</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total fixed charges</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,633</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,506</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,360</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,493</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,966</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Ratio of earnings to fixed charges</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.07</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Dollar amount deficiency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">29,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>8
<FILENAME>v303734_ex21.htm
<DESCRIPTION>EXHIBIT 21
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MDC PARTNERS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUBSIDIARIES OF THE REGISTRANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%; border-bottom: Black 1pt solid; font-weight: bold">HOLDING&nbsp;COMPANIES<BR> Name</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">Jurisdiction&nbsp;of<BR> Incorporation/Formation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>HW Acquisition LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>KBP Holdings LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Maxxcom Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Maxxcom (Nova Scotia) Corp.</TD>
    <TD>&nbsp;</TD>
    <TD>Nova Scotia</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Maxxcom (USA) Holdings Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Maxxcom (USA) Finance Company</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>MDC Acquisition Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>MDC Corporate (US) Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>MDC/KBP Acquisition Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>MF+P Acquisition Co.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>TC Acquisition Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>ZG Acquisition Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">OPERATING&nbsp;COMPANIES<BR> Name</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">Jurisdiction&nbsp;of<BR> Incorporation/Formation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>656712 Ontario Limited (d/b/a &ldquo;Onbrand&rdquo;)</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>6degrees Integrated Communications Corp.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>72andSunny NL B.V.</TD>
    <TD>&nbsp;</TD>
    <TD>The Netherlands</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>72andSunny Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>939 GP Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Accent Marketing Services, L.L.C.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Accumark Partners Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Active Events LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>AIC Publishing Services LP</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Allison &amp; Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anomaly B.V.</TD>
    <TD>&nbsp;</TD>
    <TD>The Netherlands</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anomaly Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anomaly London LLP</TD>
    <TD>&nbsp;</TD>
    <TD>United Kingdom</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Anomaly Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ashton-Potter Canada Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Attention Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Boom Marketing Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Bruce Mau Design Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Bryan Mills Iradesso Corp.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Capital C Partners LP</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Communifx Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Company C Communications LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Concentric Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Clifford/Bratskeir Public Relations LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colle &amp; McVoy LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Computer Composition of Canada LP</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Crispin Porter &amp; Bogusky Canada LP</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Crispin Porter &amp; Bogusky Europe AB</TD>
    <TD>&nbsp;</TD>
    <TD>Sweden</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Crispin Porter &amp; Bogusky Limited</TD>
    <TD>&nbsp;</TD>
    <TD>United Kingdom</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Crispin Porter &amp; Bogusky LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dotglu, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Expecting Productions, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hapify LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hello Design, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>henderson bas partnership</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>HL Group Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Hudson and Sunset Media LLC (f/k/a Shout Media LLC)</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Integrated Media Solutions Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kbs+p Atlanta LLC (f/k/a Fletcher Martin LLC)</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kbs+p Canada LP</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kenna Communications LP</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kirshenbaum Bond Senecal &amp; Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kirshenbaum Bond &amp; Partners West, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kwittken &amp; Company Limited</TD>
    <TD>&nbsp;</TD>
    <TD>United Kingdom</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kwittken PR LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Laird + Partners New York LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>MDC Innovation Partners LLC (d/b/a Spies &amp; Assassins)</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>MDC Travel Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Margeotes Fertitta Powell LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Mono Advertising LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Northstar Research Partners Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Northstar Research Partners (USA) LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Redscout LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Relevent Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>RJ Palmer Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Skinny NYC LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Sloane &amp; Company LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Source Marketing, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Sugar Daddy Development, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>TargetCom, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The Arsenal LLC (f/k/a Team Holdings LLC)</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>The Bull-White House LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Trade X Partners LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Trailer Productions, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>TS Holdings LP</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Veritas Communications Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Varick Media Management LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>VitroRobertson LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Yamamoto Moss Mackenzie Inc.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Zyman Group, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>9
<FILENAME>v303734_ex23.htm
<DESCRIPTION>EXHIBIT 23
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Consent of Independent Registered Public
Accounting Firm</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MDC Partners Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Toronto, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">We hereby consent
to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-159831 and 333-176059) of MDC Partners Inc.
and subsidiaries, of our reports dated March 15, 2012, relating to the consolidated financial statements and financial statement
Schedule II</FONT><FONT STYLE="color: windowtext">, and the effectiveness of MDC Partners Inc. and subsidiaries&rsquo; internal
control over financial reporting which appear in this Form 10K. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ BDO USA, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BDO USA, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>10
<FILENAME>v303734_ex31x1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rules&nbsp;13a-14(a)&nbsp;and
15d-14(a)&nbsp;as</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adopted Pursuant to Section&nbsp;302
of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Miles S. Nadal, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">I have reviewed this annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2011
of MDC Partners Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the registrant&rsquo;s internal control over financial
reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s
board of directors (or persons performing the equivalent function):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize
and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>Date: March 15, 2012</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Miles S. Nadal</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%">Miles S. Nadal</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD>Chairman, Chief Executive</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Officer, and President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>11
<FILENAME>v303734_ex31x2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rules&nbsp;13a-14(a)&nbsp;and
15d-14(a)&nbsp;as</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adopted Pursuant to Section&nbsp;302
of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, David Doft, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">I have reviewed this annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2011
of MDC Partners Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">d.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the registrant&rsquo;s internal control over financial
reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s
board of directors (or persons performing the equivalent function):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize
and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>Date: March 15, 2012</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ David Doft</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%">David Doft</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>12
<FILENAME>v303734_ex32x1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to 18 U.S.C. Section&nbsp;1350,
as</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adopted Pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with the annual report of MDC
Partners Inc. (the &ldquo;Company&rdquo;) on Form&nbsp;10-K for fiscal year ended December 31, 2011, as filed with the Securities
and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, Miles S. Nadal, Chairman and Chief Executive Officer
of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, to my knowledge, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the
Securities Exchange Act of 1934, as amended; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated as of March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Miles S. Nadal</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%">Miles S. Nadal&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD>Chairman, Chief Executive&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Officer and President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">This certification is being furnished solely
to accompany the Report pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002 and shall not be deemed &ldquo;filed&rdquo; by the Company for purposes of Section&nbsp;18 of the Securities Exchange
Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Report, irrespective
of any general incorporation language contained in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">A signed original of this written statement
required by Section&nbsp;906, or other documents authenticating, acknowledging, or otherwise adopting the signature that appears
in typed form within the electronic version of this written statement required by Section&nbsp;906, has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>13
<FILENAME>v303734_ex32x2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to 18 U.S.C. Section&nbsp;1350,
as</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adopted Pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In connection with the annual report of MDC
Partners Inc. (the &ldquo;Company&rdquo;) on Form&nbsp;10-K for fiscal year ended December 31, 2011, as filed with the Securities
and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), I, David Doft, Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, to my knowledge,
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the
Securities Exchange Act of 1934, as amended; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated as of March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ David Doft</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%">David Doft&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD>Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">This certification is being furnished solely
to accompany the Report pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002 and shall not be deemed &ldquo;filed&rdquo; by the Company for purposes of Section&nbsp;18 of the Securities Exchange
Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Report, irrespective
of any general incorporation language contained in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">A signed original of this written statement
required by Section&nbsp;906, or other documents authenticating, acknowledging, or otherwise adopting the signature that appears
in typed form within the electronic version of this written statement required by Section&nbsp;906, has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>14
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<DESCRIPTION>XBRL INSTANCE DOCUMENT
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  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
12. Share Capital&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The authorized share capital of the Company is as follows:&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
(a) Authorized Share Capital&lt;/h3&gt;
&lt;h5 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Class A Shares&lt;/h5&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
An unlimited number, subordinate voting shares, carrying one vote
each, entitled to dividends equal to or greater than Class B
shares, convertible at the option of the holder into one Class B
share for each Class A share after the occurrence of certain events
related to an offer to purchase all Class B shares.&lt;/p&gt;
&lt;h5 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Class B Shares&lt;/h5&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
An unlimited number, carrying 20 votes each, convertible at any
time at the option of the holder into one Class A share for each
Class B share.&lt;/p&gt;
&lt;h5 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Preferred A Shares&lt;/h5&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
An unlimited number, non-voting, issuable in series.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has not paid dividends on any class of shares during
the year ended December 31, 2009.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
(b) 2011 Share Capital Transactions&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During the year ended December 31, 2011, Class A share capital
increased by $1,456. The Company issued 504,919 shares related to
vested restricted stock, 113,085 shares related to the exercise of
outstanding stock options and 130,932 shares related to the
exercise of outstanding stock appreciation rights, increasing share
capital by $5,577.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2011, the Company&amp;#x2019;s employees surrendered 230,262
Class A shares valued at $4,121 in connection with the required tax
withholding from the vesting of various equity awards. The Company
paid these withholding taxes on behalf of the related employees.
These shares were subsequently retired and no longer remain
outstanding as of December 31, 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Additional paid-in capital decreased by $28,293 and was
reclassified to changes in excess of capital. The decrease related
to $4,468 for vesting of restricted stock and stock appreciation
rights, $7,475 relating to transactions with noncontrolling
interests, $21,511 of dividends paid and to be paid, $24,532 for
changes in the redemption value of redeemable noncontrolling
interests, and $23 for options exercised. These decreases were
offset by $22,709 relating to an increase from stock-based
compensation and $7,007 of acquisition purchase price
adjustments.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
(c) 2010 Share Capital Transactions&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During the year ended December 31, 2010, Class A share capital
increased by $8,220. The Company issued 1,367,271 shares relating
to vested restricted stock, 6,495 shares related to the exercise of
outstanding stock options and 101,107 shares related to the
exercise of outstanding stock appreciation rights, increasing share
capital by $11,700.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2010, the Company&amp;#x2019;s employees surrendered 282,954
Class A shares valued at $3,480 in connection with the required tax
withholding from the vesting of various equity awards. The Company
paid these withholding taxes on behalf of the related employees.
These shares were subsequently retired and no longer remain
outstanding as of December 31, 2010.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Additional paid-in capital decreased by $9,174, of which $11,640
related to the vesting of restricted stock and stock appreciation
rights, $7,603 relating to transactions with noncontrolling
interests, dividends paid and to be paid of $10,194, changes in the
redemption value of redeemable noncontrolling interests of $11,500.
These decreases were offset by $14,954 relating to an increase from
stock-based compensation and $16,809 transferred to charges in
excess of capital.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
(d) 2009 Share Capital Transactions&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During the year ended December 31, 2009, Class A share capital
increased by $4,999. The Company issued 620,393 shares related to
vested restricted stock, 47,625 shares related to the exercise of
outstanding stock options and 68,261 shares related to the exercise
of outstanding stock appreciation rights, increasing share capital
by $5,595.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2009, the Company&amp;#x2019;s employees surrendered 156,481
Class A shares valued at $596 in connection with the required tax
withholding resulting from the vesting of various equity awards.
The Company paid these withholding taxes on behalf of the related
employees. These shares were subsequently retired and no longer
remain outstanding as of December 31, 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Additional paid-in capital decreased by $24,296, of which $31,653
related to the recording of existing put options (Note 2), $5,225
related to the vesting of restricted stock and stock appreciation
rights, $923 related to acquisitions, and other charges of $215.
These decreases were offset by $13,720 relating to increase from
stock-based compensation.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
(e) Employee Stock Incentive Plan&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On May 26, 2005, the Company&amp;#x2019;s shareholders approved the
Company&amp;#x2019;s 2005 Stock Incentive Plan (the &amp;#x201C;2005
Incentive Plan&amp;#x201D;). The 2005 Incentive Plan authorizes the
issuance of awards to employees, officers, directors and
consultants of the Company with respect to 2,000,000 shares of MDC
Partners&amp;#x2019; Class A Subordinate Voting Shares or any other
security in to which such shares shall be exchanged. On June 1,
2007 and on June 2, 2009, the Company&amp;#x2019;s shareholders approved
a total additional authorized Class A Shares of 2,500,000 to be
added to the 2005 Incentive Plan for a total of 4,500,000
authorized Class A Shares. On May 30, 2008, the Company&amp;#x2019;s
shareholders approved the 2008 Key Partner Incentive Plan, which
provides for the issuance of 600,000 Class A Shares. On June 1,
2011, the Company&amp;#x2019;s shareholders approved the 2011 Stock
Incentive Plan, which provides for the issuance of up to 2,000,000
Class A Shares. As of December 31, 2011, the Company has granted
200,000 Director options (of which 100,000 were forfeited), which
option grants were for a ten-year term and vests over five (5)
years from the grant date under the 2005 Incentive Plan.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following table summarizes information about time based and
financial performance-based restricted stock and restricted stock
unit awards granted under the 2005 Incentive Plan, 2008 Key Partner
Incentive Plan and 2011 Stock Incentive Plan:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;Performance Based Awards&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;Time Based Awards&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Shares&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average Grant&lt;br /&gt;
Date Fair Value&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Shares&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average Grant&lt;br /&gt;
Date Fair Value&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2008&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,137,863&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.05&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
829,531&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7.57&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
179,927&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7.15&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(545,747&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7.95&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(74,646&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.19&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Forfeited&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(34,158&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7.88&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,652&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10.04&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
557,958&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.17&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
924,160&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7.33&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
753,209&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.83&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
258,223&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10.28&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(804,300&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.37&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(562,971&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.60&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Forfeited&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(4,944&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.88&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,345&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.13&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
501,923&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.83&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
616,067&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7.40&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,097,754&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
18.39&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
297,520&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
16.93&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(217,697&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
12.74&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(287,234&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5.17&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Forfeited&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,423&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
14.59&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(41,454&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.79&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,380,557&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15.81&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
584,899&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
12.86&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The total fair value of restricted stock and restricted stock unit
awards, which vested during the year ended December 31, 2011, 2010
and 2009 was $8,269, $14,976 and $5,022, respectively. In
connection with the vesting of these awards, the Company realized a
tax deduction of $7,280, $3,431 and $414 in 2011, 2010 and 2009,
respectively. At December 31, 2011, the weighted average remaining
contractual life for performance based awards is 2.0 years and for
time based awards is 1.7 years. At December 31 2011, the fair value
of all restricted stock and restricted stock unit awards is
$26,298. The term of these awards is three years with vesting up to
three years. At December 31, 2011, the unrecognized compensation
expense for these awards was $16,612 and will be recognized through
2014. At December 31, 2011, there are 2,511,742 awards available to
grant.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company&amp;#x2019;s Board of Directors adopted the 2005 Incentive
Plan as a replacement for MDC Partners&amp;#x2019; Amended and Restated
Stock Option Incentive Plan (the &amp;#x201C;Prior 2003 Plan&amp;#x201D;).
Following approval of the 2005 Incentive Plan, the Company ceased
making awards under the Prior 2003 Plan.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Prior to adoption of the 2005 Incentive Plan, the Company&amp;#x2019;s
Prior 2003 Plan provided for grants of up to 1,890,786 options to
employees, officers, directors and consultants of the Company. All
the options granted were for a term of five years from the date of
the grant and vest 20% on the date of grant and a further 20% on
each anniversary date. In addition, the Company granted 534,960
options, on the privatization of Maxxcom, with a term of no more
than 10 years from initial date of grant by Maxxcom and vest 20% in
each of the first two years with the balance vesting on the third
anniversary of the initial grant.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Information related to share option transactions grant under all
plans over the past three years is summarized as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;Options Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;Options Exercisable&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Number&lt;br /&gt;
Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Number&lt;br /&gt;
Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Non Vested&lt;br /&gt;
Options&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2008&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
458,835&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.49&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
393,835&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.69&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
65,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(20,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercised&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(47,625&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.76&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expired and cancelled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(171,218&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
12.22&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
239,992&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.55&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
194,992&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.64&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
45,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(20,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercised&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,495&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.19&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expired and cancelled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(17,297&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17.08&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
216,200&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.41&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
191,200&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.41&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
25,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(20,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercised&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(113,085&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.94&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expired and cancelled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(15,034&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
12.57&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
88,081&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.12&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
83,081&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.14&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011, the intrinsic value of vested options and the
intrinsic value of all options was $352 and $375, respectively. For
options exercised during 2011 and 2010, the Company received cash
proceeds of $1,011 and $60, respectively. The Company did not
receive any windfall tax benefits. The intrinsic value of options
exercised during 2011 and 2010 was $900 and $20, respectively. At
December 31, 2011, the weighted average remaining contractual life
of all outstanding options was 4.1 years and for all vested options
was 4.0 years. At December 31, 2011, the unrecognized compensation
expense of all options was $14 and will be recognized through
2012.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Share options outstanding as of December 31, 2011 are summarized as
follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Options Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Options Exercisable&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Range of Exercise Prices&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Outstanding&lt;br /&gt;
Number&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Contractual&lt;br /&gt;
Life&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Exercisable&lt;br /&gt;
Number&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Contractual&lt;br /&gt;
Life&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
$5.16&amp;#xA0;&amp;#x2013;&amp;#xA0;$7.74&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,365&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.53&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6.97&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,365&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6.97&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.53&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
$7.75&amp;#xA0;&amp;#x2013;&amp;#xA0;$9.64&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
80,716&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.44&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.32&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
75,716&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.36&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.36&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
(f) Stock Appreciation Rights&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2003, the Compensation Committee of the Board of Directors
approved a stock appreciation rights (&amp;#x201C;SAR&amp;#x2019;s&amp;#x201D;)
compensation program for senior officers and directors of the
Company. SARS&amp;#x2019;s granted prior to 2006 have a term of four
years, for SAR&amp;#x2019;s granted in 2006 and after they have a term
of up to 10 years and all awards vest one-third on each anniversary
date.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
SAR&amp;#x2019;s granted and outstanding are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;SAR&amp;#x2019;s Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;SAR&amp;#x2019;s Exercisable&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Number&lt;br /&gt;
Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Number&lt;br /&gt;
Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Non Vested&lt;br /&gt;
SAR&amp;#x2019;s&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2008&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
245,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.74&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
238,334&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9.80&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,666&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,666&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,744,686&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.76&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,744,686&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercised&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(172,759&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.72&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(172,759&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Expired and cancelled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(298,158&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.22&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(83,158&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,518,769&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.80&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
30,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.18&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,488,769&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,747,034&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercised&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(187,666&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.19&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(187,666&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Expired and cancelled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,331,103&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.78&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,777,034&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.77&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,554,069&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(290,089&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Exercised&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(172,974&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.23&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(172,974&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Expired and cancelled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance at December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,158,129&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.75&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,067,123&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.75&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,091,006&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011, the aggregate amount of shares to be issued
on vested SAR&amp;#x2019;s was 1,488,498 shares with an intrinsic value
of $19,872 and for all outstanding SAR&amp;#x2019;s, the aggregate
amount of shares to be issued was 2,272,588 with an intrinsic value
of $30,407. During 2011, 2010 and 2009, the aggregate value of
SAR&amp;#x2019;s exercised was $2,289, $1,147 and $407, respectively.
The Company received tax deductions of $387 and $180 in 2011 and
2010, respectively. At December 31, 2011, the weighted average
remaining contractual life of all outstanding SAR&amp;#x2019;s was 2.2
years and for all vested SAR&amp;#x2019;s was 2.2 years. At December 31,
2011, the unrecognized compensation expense of all SAR&amp;#x2019;s was
$61 and will be recognized through 2012.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;SAR&amp;#x2019;s Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;SAR&amp;#x2019;s Exercisable&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Range of Exercise Prices&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Outstanding&lt;br /&gt;
Number&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Contractual&lt;br /&gt;
Life&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Exercisable&lt;br /&gt;
Number&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Contractual&lt;br /&gt;
Life&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
$3.72&amp;#xA0;&amp;#x2013;&amp;#xA0;$6.60&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,148,129&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.17&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.74&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,057,123&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3.72&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2.17&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
$6.61&amp;#xA0;&amp;#x2013;&amp;#xA0;$8.95&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.33&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.95&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8.95&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4.33&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
(h) Equity Value Appreciation Awards&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In January 2011, the Company awarded 1,413,000 extraordinary Equity
Value Appreciation Awards (&amp;#x201C;EVARs&amp;#x201D;) to its employees.
These EVARs may result in the issuance of up to 1,413,000
restricted stock units and restricted stock shares
(&amp;#x201C;RSUs&amp;#x201D;), but only upon the achievement of
extraordinary stock performance targets. If issued the RSUs
underlying the EVAR grant will vest on December 31, 2013.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company measured the fair value of EVARs using a lattice based
model (Monte Carlo) on the grant date.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Information related to EVAR transactions over the past three years
is summarized as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;EVARs Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;EVARs Exercisable&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Number&lt;br /&gt;
Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Issuance&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Number Outstanding&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Weighted&lt;br /&gt;
Average&lt;br /&gt;
Issuance&lt;br /&gt;
Price per&lt;br /&gt;
Share&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Non Vested&lt;br /&gt;
EVARs&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Vested&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,413,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23.00&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,413,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Expired and cancelled&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(45,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23.00&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(45,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,368,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23.00&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,368,000&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The grant date fair value of these EVARs was $13,240. At December
31, 2011, the weighted average remaining contractual life for these
awards is two years. At December 31, 2011, the unrecognized
compensation expense of these awards is $8,790 and will be
recognized through 2013.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has reserved a total of 3,137,227 Class A shares in
order to meet its obligations under various conversion rights,
warrants and employee share related plans. At December 31, 2011
there were 2,511,742 shares available for future option and similar
grants.&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">7754000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-30436000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:CapitalLeaseObligationsIncurred contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">682000</us-gaap:CapitalLeaseObligationsIncurred>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">7760000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:ProceedsFromIssuanceOfSeniorLongTermDebt contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">61050000</us-gaap:ProceedsFromIssuanceOfSeniorLongTermDebt>
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">12130000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:PaymentsOfFinancingCosts contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">3053000</us-gaap:PaymentsOfFinancingCosts>
  <us-gaap:IncomeTaxesPaid contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">240000</us-gaap:IncomeTaxesPaid>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-504000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
15. Segment Information&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company&amp;#x2019;s segment reporting is consistent with the
current manner of how the Chief Operating Decision Maker
(&amp;#x201C;CODM&amp;#x201D;) and the Board of Directors view the business.
The Company is focused on expanding its capabilities in database
marketing and data analytics in order to position the Company for
future business development efforts and revenue growth.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In order to position this strategic focus along the lines of how
the CODM and management will base their business decisions, the
Company reports two segments. Decisions regarding allocation of
resources are made and will be made based not only on the
individual operating results of the subsidiaries but also on the
overall performance of the reportable segments. These reportable
segments are the aggregation of various reporting segments.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company reports in two segments plus corporate. The segments
are as follows:&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;The &lt;i&gt;Strategic Marketing
Services&lt;/i&gt; segment includes Crispin Porter &amp;amp; Bogusky and
kirshenbaum bond senecal + partners among others. This segment
consists of integrated marketing consulting services firms that
offer a full complement of marketing consulting services including
advertising and media, marketing communications including direct
marketing, public relations, corporate communications, market
research, corporate identity and branding, interactive marketing
and sales promotion. Each of the entities within the Strategic
Marketing Services Group share similar economic characteristics,
specifically related to the nature of their respective services,
the manner in which the services are provided and the similarity of
their respective customers. Due to the similarities in these
businesses, they exhibit similar long term financial performance
and have been aggregated together.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;The &lt;i&gt;Performance Marketing
Services&lt;/i&gt; segment includes our firms that provide consumer
insights to satisfy the growing need for targetable, measurable
solutions or cost effective means of driving return on marketing
investment. These services interface directly with the consumer of
a client&amp;#x2019;s product or service. Such services include the
design, development, research and implementation of consumer
service and direct marketing initiatives. Each of the entities
within the Performance Marketing Services Group share similar
economic characteristics specifically related to the nature of
their respective services, the manner in which the services are
provided, and the similarity of their respective customers. Due to
the similarities in these businesses, the services provided to the
customer and they exhibit similar long term financial performance
and have been aggregated together.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The significant accounting policies of these segments are the same
as those described in the summary of significant accounting
policies included in the notes to the consolidated financial
statements. The Company continues to evaluate its Corporate Group
and the services provided by the Corporate Group to the operating
segments. The Company has determined that additional amounts should
be allocated to the operating segments based on additional services
provided in 2009. The Company will continue to evaluate the
services and amount of time spent directly on the operating
segments business operations, and adjust accordingly.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;For the Year Ended December 31, 2011&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Strategic&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Performance&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Corporate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Total&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
608,079&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
335,195&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
943,274&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Cost of services sold&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
426,053&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
248,407&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
674,460&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Office and general expenses&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
138,303&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
45,536&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
35,432&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
219,271&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Depreciation and amortization&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
22,379&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,031&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
826&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
40,236&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Operating profit (Loss)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
21,344&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
24,221&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(36,258&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9,307&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other income (Expense):&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other income, net&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;116&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Foreign exchange loss&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,677&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Interest expense, net&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(41,783&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(34,037&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Income tax expense&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
41,735&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations before equity in affiliates and
noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(75,772&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Equity in earnings of affiliates&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
213&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(75,559&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from discontinued operations attributable to MDC Partners
Inc., net of taxes&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,361&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(76,920&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net income attributable to noncontrolling interests&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,203&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,551&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,754&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net (loss) attributable to MDC Partners Inc.&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(84,674&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Stock-based compensation&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,149&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,695&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
14,813&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23,657&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Capital expenditures from continuing operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
11,657&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,797&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,929&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23,383&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Goodwill and intangibles&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
426,034&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
237,190&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
663,224&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total assets&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
627,268&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
380,825&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
47,652&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,055,745&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;For the Year Ended December 31, 2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Strategic&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Performance&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Corporate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Total&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
438,941&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
250,205&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
689,146&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Cost of services sold&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
289,409&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
183,962&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
473,371&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Office and general expenses&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
90,622&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
38,383&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
22,291&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
151,296&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Depreciation and amortization&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,917&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15,879&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
368&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
34,164&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Operating profit (Loss)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
40,993&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
11,981&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(22,659&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
30,315&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other income (Expense):&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other income, net&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;381&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Foreign exchange gain&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;69&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Interest expense, net&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(33,213&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,448&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Income tax recovery&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(165&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations before equity in affiliates and
noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,283&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Equity in earnings of affiliates&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
866&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,417&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from discontinued operations attributable to MDC Partners
Inc., net of taxes&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,949&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(5,366&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net income attributable to noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,211&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,863&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,074&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net (loss) attributable to MDC Partners Inc.&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(15,440&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Stock-based compensation&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,282&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,992&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,233&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
16,507&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Capital expenditures from continuing operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,476&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,048&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
610&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
11,134&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Goodwill and intangibles&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
367,856&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
213,765&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
581,621&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total assets&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
552,383&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
322,520&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
39,445&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
914,348&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;For the Year Ended December 31, 2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Strategic&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Performance&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Corporate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Total&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
370,615&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
165,876&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
536,491&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Cost of services sold&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
220,714&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
127,586&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
348,300&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Office and general expenses&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
87,633&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
25,584&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
18,091&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
131,308&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Depreciation and amortization&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
25,518&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8,278&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
428&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
34,224&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Operating Profit (Loss)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
36,750&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,428&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(18,519&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
22,659&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other Income (Expense):&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other expense, net&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(91&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Foreign exchange loss&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,956&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Interest expense, net&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(21,646&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,034&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Income tax expense&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8,536&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations before equity in affiliates and
noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(9,570&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Equity in loss of affiliates&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(8&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(9,578&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from discontinued operations attributable to MDC Partners
Inc., net of taxes&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,180&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(12,758&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net income attributable to noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(4,851&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(715&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(5,566&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss attributable to MDC Partners Inc.&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(18,324&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Stock-based compensation&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8,742&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
868&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,834&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15,444&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Capital expenditures from continuing operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,617&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
657&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
239&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,513&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Goodwill and intangibles&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
277,992&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
58,355&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
336,347&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total assets&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
430,959&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
112,780&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
60,780&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
604,519&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
A summary of the Company&amp;#x2019;s long-lived assets, comprised of
fixed assets, goodwill and intangibles, net, as at December 31, is
set forth in the following table.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;United States&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Canada&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Other&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Total&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Long-lived Assets&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
39,555&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,003&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,179&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
47,737&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
32,354&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,606&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,093&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
41,053&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Goodwill and Intangible Assets&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
577,388&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
85,836&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
663,224&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
495,133&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
86,488&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
581,621&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
A summary of the Company&amp;#x2019;s revenue as at December 31 is set
forth in the following table.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;United States&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Canada&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Other&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Total&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
758,157&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
152,374&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
32,743&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
943,274&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
574,043&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
97,452&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,651&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
689,146&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
447,326&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
80,124&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9,041&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
536,491&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <us-gaap:IncomeLossFromContinuingOperations contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-75559000</us-gaap:IncomeLossFromContinuingOperations>
  <us-gaap:InterestAndOtherIncome contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">139000</us-gaap:InterestAndOtherIncome>
  <us-gaap:CostsAndExpenses contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">933967000</us-gaap:CostsAndExpenses>
  <us-gaap:AmortizationOfAcquisitionCosts contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">13324000</us-gaap:AmortizationOfAcquisitionCosts>
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">23299000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <us-gaap:DebtDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
11. Bank Debt, Long-Term Debt and Convertible Notes&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, the Company&amp;#x2019;s indebtedness was comprised as
follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revolving credit facility&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
38,032&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
11% notes due 2016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
345,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
290,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Original issue discount&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(561&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,843&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Note payable and other bank loans&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,266&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,400&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
383,737&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
284,557&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Obligations under capital leases&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,437&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,659&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
385,174&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
286,216&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Less:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Current portion&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,238&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,667&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
383,936&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
284,549&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Interest expense related to long-term debt for the years ended
December 31, 2011, 2010 and 2009 was $39,044, $30,429 and $18,057,
respectively. For the years ended December 31, 2011, 2010 and 2009,
interest expense included $232, $848 and $204 amortization of the
original issue discount, respectively, net of amortized premium of
$943, $197 and nil, respectively, and $702, $922, and nil, of
present value adjustments for fixed deferred acquisition payments,
respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The amortization and write off of deferred finance costs included
in interest expense were $1,944, $1,288 and $3,837 for the years
ended December 31, 2011, 2010, and 2009, respectively.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Issuance of 11% Notes&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On October 23, 2009, the Company and its wholly-owned subsidiaries,
as guarantors, issued and sold $225,000 aggregate principal amount
of 11% Notes due 2016 (the &amp;#x201C;11% Notes&amp;#x201D;). The 11% Notes
bear interest at a rate of 11% per annum, accruing from October 23,
2009. Interest is payable semiannually in arrears in cash on May 1
and November 1 of each year, beginning on May 1, 2010. The 11%
Notes will mature on November 1, 2016, unless earlier redeemed or
repurchased. The Company received net proceeds before expenses of
$208,881, which included an original issue discount of
approximately 4.7% or $10,494, and underwriter fees of $5,624. The
11% Notes were sold in a private placement in reliance on
exemptions from registration under the Securities Act of 1933, as
amended. The Company used the net proceeds of this offering to
repay the outstanding balance and terminate its prior Fortress
Financing Agreement, and redeemed its outstanding 8% C$45,000
convertible debentures on November 26, 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company may, at its option, redeem the 11% Notes in whole at
any time or in part from time to time, on and after November 1,
2013 at a redemption price of 105.500% of the principal amount
thereof. If redeemed during the twelve-month period beginning on
November 1, 2014, at a redemption price of 102.750% of the
principal amount thereof if redeemed during the twelve-month period
beginning on or after November 1, 2015 and equal to redemption
price of 100% of the principal amount thereof. (Prior to November
1, 2013, the Company may, at its option, redeem some or all of the
11% Notes at a price equal to 100% of the principal amount of the
Notes plus a &amp;#x201C;make whole&amp;#x201D; premium and accrued and
unpaid interest.) The Company may also redeem, at its option, prior
to November 1, 2012, up to 35% of the 11% Notes with the proceeds
from one or more equity offerings at a redemption price of 11% of
the principal amount thereof. If the Company experiences certain
kinds of changes of control (as defined in the Indenture), holders
of the 11% Notes may require the Company to repurchase any 11%
Notes held by them at a price equal to 101% of the principal amount
of the 11% Notes plus accrued and unpaid interest.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In connection with these transactions, the Company wrote-off $323
of deferred financing costs relating to its prior convertible
debentures.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On May 14, 2010, the Company and its wholly-owned subsidiaries, as
guarantors, issued and sold $65,000 aggregate principal amount of
11% Notes due 2016. The additional notes were issued under the
Indenture governing the 11% notes and treated as a single series
with the original 11% notes. The additional notes were sold in a
private placement in reliance on exemptions from registration under
the Securities Act of 1933, as amended. The Company received net
proceeds before expenses of $67,208, which included an original
issue premium of $2,600, and underwriter fees of $392. The Company
used the net proceeds of the offering to repay the outstanding
balance under the Company&amp;#x2019;s revolving WF Credit Agreement
described elsewhere herein, and for general corporate purposes,
including acquisitions.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On April 19, 2011, the Company and its wholly-owned subsidiaries,
as guarantors, issued and sold an additional $55,000 aggregate
principal amount of 11% Notes due 2016. The additional notes were
issued under the Indenture governing the 11% Notes and treated as a
single series with the original 11% Notes. The additional notes
were sold in a private placement in reliance on exceptions from
registration under the Securities Act of 1933, as amended. The
Company received net proceeds before expenses of $59,580, which
included an original issue premium of $6,050, and underwriter fees
of $1,470. The Company used the net proceeds of the offering to
repay the outstanding balance under the Company&amp;#x2019;s WF Credit
Agreement described elsewhere herein, and for general corporate
purposes.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011 and 2010, the Company had issued $5,830 and
$6,018 of undrawn outstanding Letters of Credit, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011 and 2010, accounts payable included $3,350 and
$9,026 of outstanding checks, respectively.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Credit Agreement&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On October 23, 2009, the Company and its subsidiaries entered into
a $75,000 five year senior secured revolving WF Credit Agreement
(the &amp;#x201C;WF Credit Agreement&amp;#x201D;) with Wells Fargo Foothill,
LLC, as agent, and the lenders from time to time party thereto. On
November 22, 2010, this agreement was amended to increase the
availability under the facility to $100,000. On April 2011, the
Company entered into an additional amendment to increase the
availability under the facility to $150,000 and extend the maturity
date to October 23, 2015. The WF Credit Agreement replaced the
Company&amp;#x2019;s existing $185,000 senior secured financing
agreement with Fortress Credit Corp., as collateral agent, Wells
Fargo Foothill, Inc., as administrative agent. Advances under the
WF Credit Agreement will bear interest as follows: (a)(i) LIBOR
Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans
bear interest at the Base Rate, plus (b) an applicable margin. The
initial applicable margin for borrowing is 2.25% in the case of
Base Rate Loans and 2.50% in the case of LIBOR Rate Loans. The
applicable margin may be reduced subject to the Company achieving
certain trailing twelve month earning levels, as defined. In
addition to paying interest on outstanding principal under the WF
Credit Agreement, the Company is required to pay an unused revolver
fee to lenders under the WF Credit Agreement in respect of unused
commitments thereunder.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The WF Credit Agreement is guaranteed by all of the Company&amp;#x2019;s
present and future subsidiaries, other than immaterial subsidiaries
(as defined) and is secured by substantially all the assets of the
Company. The WF Credit Agreement includes covenants that, among
other things, restrict the Company&amp;#x2019;s ability and the ability
of its subsidiaries to incur or guarantee additional indebtedness;
pay dividends on or redeem or repurchase the capital stock of MDC;
make certain types of investments; pay dividends; incur certain
liens, sell or otherwise dispose of certain assets; enter into
transactions with affiliates; enter into sale and leaseback
transactions; and consolidate or merge with or into, or sell
substantially all of the Company&amp;#x2019;s assets to, another person.
These covenants are subject to a number of important limitations
and exceptions. The WF Credit Agreement also contains financial
covenants, including a senior leverage ratio, a total leverage
ratio, a fixed charge coverage ratio and a minimum earnings level,
as defined.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In connection with these transactions, the Company incurred a
termination fee of $1,850 and wrote-off $2,240 of deferred
financing costs relating to its prior Fortress Financing
Agreement.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company is currently in compliance with all of the terms and
conditions of its WF Credit Agreement, and management believes,
based on its current financial projections and strategic
initiatives, that the Company will be in compliance with covenants
over the next twelve months.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Future Principal Repayments&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Future principal repayments, including capital lease obligations,
for the years ended December 31, and in aggregate are as
follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Period&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amount&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2012&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,238&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2013&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,128&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2014&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;192&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2015&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;107&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
345,038&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2017 and beyond&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
347,703&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Capital Leases&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Future minimum capital lease payments for the years ended December
31 and in aggregate are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Period&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amount&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2012&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;698&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2013&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;493&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2014&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;209&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2015&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;112&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;39&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2017 and thereafter&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,551&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Less: imputed interest&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(114&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,437&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Less: current portion&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(638&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
799&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">4548000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-85184000</us-gaap:ComprehensiveIncomeNetOfTax>
  <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">80000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
  <us-gaap:GainLossOnDispositionOfAssets contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-75000</us-gaap:GainLossOnDispositionOfAssets>
  <us-gaap:EarningsPerShareTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
3. Loss per Common Share&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following table sets forth the computation of basic and diluted
loss per common share from continuing operations for the years
ended December 31:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Numerator&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Numerator for diluted loss per common
share&amp;#xA0;&amp;#x2013;&amp;#xA0;&lt;br /&gt;
loss from continuing operations&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(75,559&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,417&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(9,578&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net income attributable to the noncontrolling interests&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,754&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,074&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(5,566&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss attributable to MDC Partners Inc. common shareholders from
continuing operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(83,313&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(11,491&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(15,144&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Effect of dilutive securities&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Numerator for diluted income per common
share&amp;#xA0;&amp;#x2013;&amp;#xA0;&lt;br /&gt;
loss attributable to MDC Partners Inc. common shareholders from
continuing operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(83,313&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(11,491&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(15,144&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Denominator&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Denominator for basic loss per common
share&amp;#xA0;&amp;#x2013;&amp;#xA0;&lt;br /&gt;
weighted average common shares&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
29,120,373&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
28,161,144&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
27,396,463&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Effect of dilutive securities:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Employee stock options, warrants, and stock appreciation
rights&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Employee restricted stock units&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Dilutive potential common shares&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Denominator for diluted loss per common
share&amp;#xA0;&amp;#x2013;&amp;#xA0;&lt;br /&gt;
adjusted weighted shares and assumed conversions&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
29,120,373&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
28,161,144&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
27,396,463&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Basic loss per common share from continuing operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2.86&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.41&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.55&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Diluted loss per common share from continuing operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2.86&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.41&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.55&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011, 2010 and 2009 convertible notes, warrants,
options and other rights to purchase, 5,211,668, 4,665,293 and
5,240,879 shares of common stock, respectively, were not included
in the computation of diluted loss per common share because doing
so would have had an antidilutive effect.&lt;/p&gt;
&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:IncreaseDecreaseInBillingInExcessOfCostOfEarnings contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-31373000</us-gaap:IncreaseDecreaseInBillingInExcessOfCostOfEarnings>
  <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-34037000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
  <us-gaap:ShareBasedCompensation contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">23657000</us-gaap:ShareBasedCompensation>
  <us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">5453000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
  <us-gaap:Depreciation contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">17665000</us-gaap:Depreciation>
  <us-gaap:PaymentsToMinorityShareholders contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">12264000</us-gaap:PaymentsToMinorityShareholders>
  <us-gaap:InterestAndDebtExpense contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">41922000</us-gaap:InterestAndDebtExpense>
  <us-gaap:FinancialInstrumentsDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
7. Financial Instruments&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Financial assets, which include cash and cash equivalents and
accounts receivable, have carrying values which approximate fair
value due to the short-term nature of these assets. Financial
liabilities with carrying values approximating fair value due to
short-term maturities include accounts payable. Deferred
acquisition consideration is recorded at fair value. Bank debt and
long-term debt are variable. rate debt, the carrying value of which
approximates fair value. The Company&amp;#x2019;s note payable is a
fixed rate debt instrument, the carrying values of which
approximates fair value. The fair value of financial commitments,
guarantees and letters of credit, are based on the stated value of
the underlying instruments. Guarantees have been issued in
conjunction with the disposition of businesses in 2001 and 2003 and
letters of credit have been issued in the normal course of
business. The fair value for the 11% notes was approximately
$367,425 as of December 31, 2011.&lt;/p&gt;
&lt;/div&gt;</us-gaap:FinancialInstrumentsDisclosureTextBlock>
  <us-gaap:PaymentsForProceedsFromOtherInvestingActivities contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">4232000</us-gaap:PaymentsForProceedsFromOtherInvestingActivities>
  <us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">40284000</us-gaap:DeferredIncomeTaxExpenseBenefit>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">-0.05</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare>
  <us-gaap:RepaymentsOfLongTermDebt contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1112000</us-gaap:RepaymentsOfLongTermDebt>
  <us-gaap:AccountingChangesAndErrorCorrectionsTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
18. New Accounting Pronouncements&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In June 2011, the FASB issued Accounting Standards Update No.
2011-05, Comprehensive Income (Topic 220): Presentation of
Comprehensive Income (&amp;#x201C;ASU 2011-05&amp;#x201D;) Under ASU 2011-05,
an entity will have the option to present comprehensive income on
the income statement or as a separate financial statement. ASU
2011-05 is effective January 1, 2012 and requires retrospective
adoption. The Company has adopted ASU 2011-05 as of December 31,
2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In April 2010, the FASB issues ASU 2010-17, &amp;#x201C;Revenue
Recognition-Milestone Method.&amp;#x201D; ASU 2010-17 provides guidance
on the criteria that should be met for determining whether the
milestone method of revenue recognition is appropriate. A vendor
can recognize consideration that is contingent upon achievement of
a milestone in its entirety as revenue in the period in which the
milestone is achieved only if the milestone meets all criteria to
be considered substantive. The amendments in ASU 2010-17 are
effective on a prospective basis for milestones achieved in fiscal
years, and interim periods within those years, beginning on or
after June 15, 2010. The adoption did not have a material impact on
our financial statements.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In April 2010, the FASB issued ASU 2010-13,
&amp;#x201C;Compensation&amp;#xA0;&amp;#x2014;&amp;#xA0;Stock Compensation Effect of
Denominating the Exercise Price of a Share-Based Payment Award in
the Currency of the Market in Which the Underlying Equity Security
Trades.&amp;#x201D; ASU 2010-13 provides amendments to clarify that an
employee share-based payment award with an exercise price
denominated in the currency of a market in which a substantial
portion of the entity&apos;s equity securities trades should not be
considered to contain a condition that is not a market,
performance, or service condition. Therefore, an entity would not
classify such an award as a liability if it otherwise qualifies as
equity. The amendments in ASU 2010-13 are effective for fiscal
years, and interim periods within those fiscal years, beginning on
or after December 15, 2010. The adoption of this standard did not
have an effect on our results of operation or our financial
position.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In October 2009, the FASB issued revised guidance on the topic of
Multiple&amp;#xA0;&amp;#x2014;&amp;#xA0;Deliverable Revenue Arrangements. The
revised guidance amends certain accounting for revenue with
multiple deliverables. In particular when vendor specific objective
evidence or third party evidence for deliverables in an arrangement
cannot be determined, the revised guidance allows use of a best
estimate of the selling price to allocate the arrangement
consideration among them. This guidance is effective for the first
quarter of 2011, with early adoption permitted. The adoption did
not have a material impact on our financial statements.&lt;/p&gt;
&lt;/div&gt;</us-gaap:AccountingChangesAndErrorCorrectionsTextBlock>
  <us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">-2.86</us-gaap:IncomeLossFromContinuingOperationsPerBasicAndDilutedShare>
  <us-gaap:NetIncomeLoss contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-84674000</us-gaap:NetIncomeLoss>
  <us-gaap:NonoperatingIncomeExpense contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-43344000</us-gaap:NonoperatingIncomeExpense>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
2. Significant Accounting Policies&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company&amp;#x2019;s significant accounting policies are summarized
as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Principles of Consolidation.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The accompanying
consolidated financial statements include the accounts of MDC
Partners Inc. its domestic and international controlled
subsidiaries. Intercompany balances and transactions have been
eliminated on consolidation.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Use of Estimate.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The preparation of financial
statements in conformity with US GAAP requires management to make
estimates and assumptions. These estimates and assumptions affect
the reported amounts of assets and liabilities including goodwill,
intangible assets, valuation allowances for receivables and
deferred tax assets and the reported amounts of revenue and
expenses during the reporting period. The estimates are evaluated
on an ongoing basis and estimates are based on historical
experience, current conditions and various other assumptions
believed to be reasonable under the circumstances. Actual results
could differ from those estimates.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Fair Value.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company applies the fair value
measurement guidance of Codification Topic 820, Fair Value
Measurements and Disclosure for financial assets and liabilities
that are required to be measured at fair value and for nonfinancial
assets and liabilities that are not required to be measured at fair
value on a recurring basis, including goodwill and other
identifiable intangible assets. The measurement of fair value
requires the use of techniques based on observable and unobservable
inputs. Observable inputs reflect market data obtained from
independent sources, while unobservable inputs reflect our market
assumptions. The inputs create the following fair value
hierarchy:&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Level 1&amp;#xA0;&amp;#x2014;&amp;#xA0;Quoted
prices for identical instruments in active markets.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Level 2&amp;#xA0;&amp;#x2014;&amp;#xA0;Quoted
prices for similar instruments in active markets; quoted prices for
identical or similar instruments in markets that are not active;
and model-derived valuations where inputs are observable or where
significant value drivers are observable.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Level 3&amp;#xA0;&amp;#x2014;&amp;#xA0;Instruments
where significant value drivers are unobservable to third
parties.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
When available, quoted market prices are used to determine the fair
value of our financial instruments and classify such items in Level
1. In some cases, quoted market prices are used for similar
instruments in active markets and classify such items in Level
2.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Concentration of Credit Risk.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company
provides marketing communications services to clients who operate
in most industry sectors. Credit is granted to qualified clients in
the ordinary course of business. Due to the diversified nature of
the Company&amp;#x2019;s client base, the Company does not believe that
it is exposed to a concentration of credit risk; however, no client
accounted for more than 10% of the Company&amp;#x2019;s consolidated
accounts receivable as of December 31, 2011 and 2010. No clients
accounted for 10% of revenue in the year ended December 31, 2011
and 2010 and one client accounted for 16% of revenue for the year
ended December 31, 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Cash and Cash Equivalents.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company&amp;#x2019;s
cash equivalents are primarily comprised of investments in
overnight interest-bearing deposits, commercial paper and money
market instruments and other short-term investments with original
maturity dates of three months or less at the time of purchase. The
Company has a concentration of credit risk in that there are cash
deposits in excess of federally insured amounts. Included in cash
and cash equivalents at December 31, 2011 and 2010 is $46 and $64,
respectively, of cash restricted as to withdrawal pursuant to a
collateral agreement and a customer&amp;#x2019;s contractual
requirement.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Allowance for Doubtful Accounts.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Trade
receivables are stated at invoiced amounts less allowances for
doubtful accounts. The allowances represent estimated uncollectible
receivables associated with potential customer defaults usually due
to customers&amp;#x2019; potential insolvency. The allowances include
amounts for certain customers where a risk of default has been
specifically identified. The assessment of the likelihood of
customer defaults is based on various factors, including the length
of time the receivables are past due, historical experience and
existing economic conditions.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Expenditures Billable to Clients.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Expenditures
billable to clients consist principally of outside vendors costs
incurred on behalf of clients when providing advertising, marketing
and corporate communications services to clients that have not been
invoiced. Such amounts are invoiced to clients at various times
over the course of the production process.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Fixed Assets.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Fixed assets are stated at cost,
net of accumulated depreciation. Computers, furniture and fixtures
are depreciated on a straight-line basis over periods of 3 to 7
years. Leasehold improvements are depreciated on a straight-line
basis over the lesser of the term of the related lease or the
estimated useful life of the asset. Repairs and maintenance costs
are expensed as incurred.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Impairment of Long-lived Assets.&lt;/i&gt;&amp;#xA0;&amp;#xA0;In accordance
with the FASB Accounting Standards Codification topic, Accounting
for the Impairment or Disposal of Long-lived Assets, a long-lived
asset or asset group is tested for recoverability whenever events
or changes in circumstances indicate that its carrying amount may
not be recoverable. When such events occur, the Company compares
the sum of the undiscounted cash flows expected to result from the
use and eventual disposition of the asset or asset group to the
carrying amount of the long-lived asset or asset group. If this
comparison indicates that there is an impairment, the amount of the
impairment is typically calculated using discounted expected future
cash flows where observable fair values are not readily
determinable. The discount rate applied to these cash flows is
based on the Company&amp;#x2019;s weighted average cost of capital, risk
adjusted where appropriate.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Equity Method Investments.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The equity method is
used to account for investments in entities in which the Company
has an ownership interest of less than 50% and has significant
influence, or joint control by contractual arrangement with all
parties having an equity interest, over the operating and financial
policies of the affiliate or has an ownership interest of greater
than 50% however the substantive participating rights of the
noncontrolling interest shareholders preclude the Company from
exercising unilateral control over the operating and financial
policies of the affiliate. The Company&amp;#x2019;s investments
accounted for using the equity method includes Adrenalina, 49.9%
owned by the Company, and a 50% undivided interest in a real estate
joint venture. In 2010, the Company recorded a distribution of
$3,519 from this real estate joint venture, of which $2,601 was in
excess of the Company&amp;#x2019;s carrying amount and has been recorded
as a gain in equity in earnings of non-consolidated affiliates. The
Company&amp;#x2019;s management periodically evaluates these investments
to determine if there has been a decline in value that is other
than temporary. As of December 31, 2011and 2010, the Company has
written off the amount of its investment in Adrenalina of $39 and
$1,636 representing advances previously made.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Cost Method Investments.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company&amp;#x2019;s
cost-based investments at December 31, 2011 were primarily
comprised of various interests in limited partnerships and
companies where the Company does not exercise significant influence
over the operating and financial policies of the investee. The
total net cost basis of these investments, which are included in
Other Assets on the balance sheet, as of December 31, 2011 and 2010
was $8,785 and $4,650, respectively. These investments are
periodically evaluated to determine if there have been any other
than temporary declines below book value. A variety of factors are
considered when determining if a decline in fair value below book
value is other than temporary, including, among others, the
financial condition and prospects of the investee, as well as the
Company&amp;#x2019;s investment intent.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Goodwill and Indefinite Lived Intangible.&lt;/i&gt;&amp;#xA0;&amp;#xA0;In
accordance with the FASB Accounting Standards Codification topic,
Goodwill and Other Intangible Assets, goodwill and indefinite life
intangible assets (trademarks) acquired as a result of a business
combination which are not subject to amortization are tested for
impairment annually, and more frequently if events and
circumstances indicate that the asset might be impaired. An
impairment loss is recognized to the extent that the carrying
amount exceeds the asset&amp;#x2019;s fair value. For goodwill, this
determination is made at the reporting unit level and consists of
two steps. First, the Company determines the fair value of a
reporting unit and compares it to its carrying amount. Fair value
is determined based on earnings multiples of each subsidiary.
Second, if the carrying amount of a reporting unit exceeds its fair
value, an impairment loss is recognized for any excess of the
carrying amount of the reporting unit&amp;#x2019;s goodwill over the
implied fair value of that goodwill. The implied fair value of
goodwill is determined by allocating the fair value of the
reporting unit in a manner similar to a purchase price allocation,
in accordance with the FASB Accounting Standards Codification
topic, Business Combinations. The residual fair value after this
allocation is the implied fair value of the reporting unit
goodwill.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The fair value of a reporting unit was estimated using a
combination of the income approach, which incorporates the use of
the discounted cash flow method.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has determined that each partner firm that has reported
goodwill will be tested separately as each partner firm qualifies
as a reporting unit under the Accounting Standards Codification
guidance.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Impairment losses, where applicable, will be charged to operating
profit. The Company identifies certain intangible assets
(trademarks) as indefinite life if there are no legal, regulatory,
contractual or economic factors that limit the useful life. If the
carrying amount of an indefinite life intangible exceeds its fair
value, an impairment loss is recognized for the excess. As of
December 31, 2011, there was no impairment of goodwill and no
reporting units were at risk of failing step one of annual
test.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Definite Lived Intangible Assets.&lt;/i&gt;&amp;#xA0;&amp;#xA0;In accordance
with the FASB Accounting Standards Codification, acquired
intangibles, are subject to amortization over their useful lives.
The method of amortization selected reflects the pattern in which
the economic benefits of the specific intangible asset is consumed
or otherwise used up. If that pattern cannot be reliably
determined, a straight-line amortization method is used over the
estimated useful life. Intangible assets that are subject to
amortization are reviewed for potential impairment at least
annually or whenever events or circumstances indicate that carrying
amounts may not be recoverable. See also Note 8.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Deferred Taxes.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company uses the asset and
liability method of accounting for income taxes. Deferred income
taxes are provided for the temporary difference between the
financial reporting basis and tax basis of the Company&amp;#x2019;s
assets and liabilities. Deferred tax benefits result principally
from certain tax carryover benefits and from recording certain
expenses in the financial statements that are not currently
deductible for tax purposes and from differences between the tax
and book basis of assets and liabilities recorded in connection
with acquisitions. Deferred tax assets are reduced by a valuation
allowance when, in the opinion of management, it is more likely
than not that some portion or all of the deferred tax assets will
not be realized. Deferred tax liabilities result principally from
deductions recorded for tax purposes in excess of that recorded in
the financial statements or income for financial statement purposes
in excess of the amount for tax purposes. The effect of changes in
tax rates is recognized in the period the rate change is
enacted.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Business Combinations.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Valuation of acquired
companies are based on a number of factors, including specialized
know-how, reputation, competitive position and service offerings.
The Company&amp;#x2019;s acquisition strategy has been focused on
acquiring the expertise of an assembled workforce in order to
continue to build upon the core capabilities of its various
strategic business platforms to better serve the Company&amp;#x2019;s
clients. Consistent with the acquisition strategy and past practice
of acquiring a majority ownership position, most acquisitions
completed in 2011 included an initial payment at the time of
closing and provide for future additional contingent purchase price
payments. Contingent payments for these transactions, as well as
certain acquisitions completed in prior years, are derived using
the performance of the acquired entity and are based on
pre-determined formulas. Contingent purchase price obligations for
acquisitions completed prior to January 1, 2009 are accrued when
the contingency is resolved and payment is certain. Contingent
purchase price obligations related to acquisitions completed
subsequent to December 31, 2010 are recorded as liabilities at
estimated value and are remeasured at each reporting period and
changes in estimated value are recorded in results of operations.
For the year ended December 31, 2011, $12,623 related to changes in
estimated value have been recorded as operating expenses. For the
years ended December 31, 2010 and 2009, $778 and nil, respectively,
related to changes in estimated value have been charged to
operating income. In addition, certain acquisitions also include
put/call obligations for additional equity ownership interests. The
estimated value of these interests are recorded as Redeemable
Noncontrolling Interests. As of January 1, 2009, the Company
expenses acquisition related costs in accordance with the
Accounting Standard&amp;#x2019;s Codification&amp;#x2019;s new guidance on
acquisition accounting. For the year ended December 31, 2011, 2010
and 2009 $3,819, $4,025 and $416, respectively, of acquisition
related costs were charged to operations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
For each of the Company&amp;#x2019;s acquisitions, we undertake a
detailed review to identify other intangible assets and a valuation
is performed for all such identified assets. We use several market
participant measurements to determine estimated value. This
approach includes consideration of similar and recent transactions,
as well as utilizing discounted expected cash flow methodologies.
Like most service businesses, a substantial portion of the
intangible asset value that we acquire is the specialized know-how
of the workforce, which is treated as part of goodwill and is not
required to be valued separately. The majority of the value of the
identifiable intangible assets acquired is derived from customer
relationships, including the related customer contracts, as well as
trade names. In executing the Company&amp;#x2019;s acquisition strategy,
one of the primary drivers in identifying and executing a specific
transaction is the existence of, or the ability to, expand existing
client relationships. The expected benefits of the Company&amp;#x2019;s
acquisitions are typically shared across multiple agencies and
regions.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Redeemable Noncontrolling Interest.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The minority
interest shareholders of certain subsidiaries have the right to
require the Company to acquire their ownership interest under
certain circumstances pursuant to a contractual arrangement and the
Company has similar call options under the same contractual terms.
The amount of consideration under the put and call rights is not a
fixed amount, but rather is dependent upon various valuation
formulas and on future events, such as the average earnings of the
relevant subsidiary through the date of exercise, the growth rate
of the earnings of the relevant subsidiary through the date of
exercise, etc. as described in Note 17.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has recorded its put options as mezzanine equity at
their current estimated redemption amounts. The Company accrues
changes in the redemption amounts over the period from the date of
issuance to the earliest redemption date of the put options. The
Company accounts for the put options with a charge to
noncontrolling interests to reflect the excess, if any, of the
estimated exercise price over the estimated fair value of the
noncontrolling interest shares at the date of the option being
exercised. For the three years ended December 31, 2011, 2010 and
2009, there has been no charges to noncontrolling interests.
Changes in the estimated redemption amounts of the put options are
adjusted at each reporting period with a corresponding adjustment
to equity. These adjustments will not impact the calculation of
earnings per share.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following table presents changes in Redeemable Noncontrolling
Interests.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Years Ended December 31,&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Beginning Balance as of January 1,&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
77,560&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
33,728&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
21,751&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Reclassification related to Redeemable Noncontrolling
Interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
31,653&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Redemptions&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(9,068&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,987&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(28,242&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15,318&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
40,567&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,441&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Changes in redemption value&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
24,532&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10,075&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;58&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Other&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;107&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Currency translation adjustments&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(910&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,177&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,960&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Ending Balance as of December 31,&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
107,432&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
77,560&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
33,728&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Guarantees.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Guarantees issued or modified by the
Company to third parties after January 1, 2003 are generally
recognized, at the inception or modification of a guarantee, as a
liability for the obligations it has undertaken in issuing the
guarantee, including its ongoing obligation to stand ready to
perform over the term of the guarantee in the event that the
specified triggering events or conditions occur. The initial
measurement of that liability is the fair value of the guarantee.
The recognition of the liability is required even if it is not
probable that payments will be required under the guarantee. The
Company&amp;#x2019;s liability associated with guarantees is not
significant. (See Note 17.)&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Revenue Recognition.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company&amp;#x2019;s revenue
recognition policies are as required by the Revenue Recognition
topics of the FASB Accounting Standards Codification, and
accordingly, revenue is generally recognized as services are
provided or upon delivery of the products when ownership and risk
of loss has transferred to the customer, the selling price is fixed
or determinable and collection of the resulting receivable is
reasonably assured. The Company follows the Revenue Arrangements
with Multiple Deliverables topic of the FASB Accounting Standards
Codification issued. This topic addresses certain aspects of the
accounting by a vendor for arrangements under which it will perform
multiple revenue-generating activities and how to determine whether
an arrangement involving multiple deliverables contains more than
one unit of accounting. The Company also follows the topic of the
FASB Accounting Standards Codification. Reporting Revenue Gross as
a Principal versus Net as an Agent. This Issue summarized the
EITF&amp;#x2019;s views on when revenue should be recorded at the gross
amount billed because it has earned revenue from the sale of goods
or services, or the net amount retained because it has earned a fee
or commission. The Company also follows Income Statement
Characterization of Reimbursements Received for Out-of-Pocket
Expenses Incurred, for reimbursements received for out-of-pocket
expenses. This issue summarized the EITF&amp;#x2019;s views that
reimbursements received for out-of-pocket expenses incurred should
be characterized in the income statement as revenue. Accordingly,
the Company has included in revenue such reimbursed expenses.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company earns revenue from agency arrangements in the form of
retainer fees or commissions; from short-term project arrangements
in the form of fixed fees or per diem fees for services; and from
incentives or bonuses.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Non refundable retainer fees are generally recognized on a straight
line basis over the term of the specific customer arrangement.
Commission revenue is earned and recognized upon the placement of
advertisements in various media when the Company has no further
performance obligations. Fixed fees for services are recognized
upon completion of the earnings process and acceptance by the
client. Per diem fees are recognized upon the performance of the
Company&amp;#x2019;s services. In addition, for certain service
transactions, which require delivery of a number of service acts,
the Company uses the Proportional Performance model, which
generally results in revenue being recognized based on the
straight-line method.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Fees billed to clients in excess of fees recognized as revenue are
classified as Advanced Billings.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
A small portion of the Company&amp;#x2019;s contractual arrangements
with customers includes performance incentive provisions, which
allows the Company to earn additional revenues as a result of its
performance relative to both quantitative and qualitative goals.
The Company recognizes the incentive portion of revenue under these
arrangements when specific quantitative goals are assured, or when
the company&amp;#x2019;s clients determine performance against
qualitative goals has been achieved. In all circumstances, revenue
is only recognized when collection is reasonably assured. The
Company records revenue net of sales and other taxes due to be
collected and remitted to governmental authorities.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Cost of Services Sold.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Costs of services sold do
not include depreciation charges for fixed assets.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Interest Expense.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Interest expense primarily
consists of the cost of borrowing on the revolving WF Credit
Agreement and the 11% Notes. The Company uses the effective
interest method to amortize the original issue discount on the 11%
Notes. At December 31, 2011, 2010 and 2009, $232, $848 and $204 was
amortized, respectively, net of amortized premium of $943, $197 and
nil, respectively. The Company amortizes deferred financing costs
using the effective interest method over the life of the 11% notes
and straightline over the life of the revolving WF Credit
Agreement. The total net deferred financing costs, included in
Other Assets on the balance sheet, as of December 31, 2011 and 2010
was $11,715, and $10,605, net of accumulated amortization of $3,526
and $1,583, respectively. During 2011, the Company recorded $3,053
of deferred financing costs primarily relating to the 2011
expansion of the credit agreement and the 2011 additional debt
issuance.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Stock-Based Compensation.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Under the fair value
method, compensation cost is measured at fair value at the date of
grant and is expensed over the service period, that is the
award&amp;#x2019;s vesting period. When awards are exercised, share
capital is credited by the sum of the consideration paid together
with the related portion previously credited to additional paid-in
capital when compensation costs were charged against income or
acquisition consideration.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company uses its historical volatility derived over the
expected term of the award, to determine the volatility factor used
in determining the fair value of the award. The Company uses the
&amp;#x201C;simplified&amp;#x201D; method to determine the term of the award
due to the fact that historical share option exercise experience
does not provide a reasonable basis upon which to estimate the
expected term.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Stock-based awards that are settled in cash or may be settled in
cash at the option of employees are recorded as liabilities. The
measurement of the liability and compensation cost for these awards
is based on the fair value of the award, and is recorded into
operating income over the service period, that is the vesting
period of the award. Changes in the Company&amp;#x2019;s payment
obligation prior to the settlement date are recorded as
compensation cost in operating income in the period of the change.
The final payment amount for such awards is established on the date
of the exercise of the award by the employee.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Stock-based awards that are settled in cash or equity at the option
of the Company are recorded at fair value on the date of grant and
recorded as additional paid-in capital. The fair value measurement
of the compensation cost for these awards is based on using the
Black-Scholes option pricing-model and is recorded in operating
income over the service period, that is the vesting period of the
award.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The fair value of the stock options and similar awards at the grant
date were estimated using the Black-Scholes option-pricing model
with the following weighted average assumptions for each of the
following years:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Year Ended&lt;br /&gt;
December 31, 2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expected dividend&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;0&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expected volatility&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
39.8%&amp;#xA0;&amp;#x2013;&amp;#xA0;44.5&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Risk-free interest rate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom"&gt;
1.76%&amp;#xA0;&amp;#x2013;&amp;#xA0;2.49&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Expected option life in years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Weighted average fair value of options granted&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1.18&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
For the years ended December 31, 2011 and 2010, the Company did not
issue any stock options or similar awards.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During the year ended December 31, 2011, the Company issued Equity
Value Appreciation Awards to its employees. These awards may result
in the issuance of up to 1,413,000 restricted stock units and
restricted stock shares, but only upon the achievement of
extraordinary stock performance targets. The Company measured the
fair value of these awards using a lattice based model (Monte
Carlo) on the date of grant. The Company used the following
assumptions in calculating the fair value under the lattice model;
risk free rate 1.2%, volatility 31.7%, time to maturity 2.93 years,
the weighted average fair value of the awards granted was
$9.37.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
It is the Company&amp;#x2019;s policy for issuing shares upon the
exercise of an equity incentive award to verify the amount of
shares to be issued, as well as the amount of proceeds to be
collected (if any) and delivery of new shares to the exercising
party.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has adopted the straight-line attribution method for
determining the compensation cost to be recorded during each
accounting period. However, awards based on performance conditions
are recorded as compensation expense when the performance
conditions are expected to be met. The fair value at the grant date
for performance based awards granted in 2011 and 2010 was $20,188
and $6,649, respectively. There were no performance based awards
granted during 2009.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company treats benefits paid by shareholders to employees as a
stock based compensation charge with a corresponding credit to
additional paid-in capital.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Pension Costs.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Several of the Company&amp;#x2019;s US
and Canadian subsidiaries offer employees access to certain defined
contribution pension programs. Under the defined contribution
plans, these subsidiaries, in some cases, make annual contributions
to participants&amp;#x2019; accounts which are subject to vesting. The
Company&amp;#x2019;s contribution expense pursuant to these plans was
$2,356, $1,655 and $1,026 for the years ended December 31, 2011,
2010 and 2009, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Earnings per Common Share.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Basic earnings per
share is based upon the weighted average number of common shares
outstanding during each period, including the &amp;#x201C;Share capital
to be issued&amp;#x201D; as reflected in the Shareholders&amp;#x2019; Equity
on the balance sheet. Diluted earnings per share is based on the
above, plus, if dilutive, common share equivalents, which include
outstanding options, warrants, stock appreciation rights,
restricted stock units and convertible notes.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Subsidiary and Affiliate Stock Transactions.&lt;/i&gt;&amp;#xA0;&amp;#xA0;In
accordance with Accounting Standards Codification Topic on Business
combinations, effective January 1, 2009, transactions involving
purchases, sales or issuances of stock of a subsidiary where
control is maintained are recorded as an increase or decrease in
additional paid-in capital. In transactions involving subsidiary
stock where control is lost, gains and losses are recorded in
results of operations. Gains and losses from transactions involving
stock of an affiliate are recorded in results of operations until
control is achieved.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Foreign Currency Translation.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company&amp;#x2019;s
financial statements were prepared in accordance with the
requirements of the Foreign Currency Translation topic of the FASB
Accounting Standards Codification. The functional currency of the
Company is the Canadian dollar and it has decided to use US dollars
as its reporting currency for consolidated reporting purposes. All
of the Company&amp;#x2019;s subsidiaries use their local currency as
their functional currency. Accordingly, the currency impacts of the
translation of the balance sheets of the Company&amp;#x2019;s non-US
dollar based subsidiaries to US dollar statements are included as
cumulative translation adjustments in accumulated other
comprehensive income. Translation of intercompany debt, which is
not intended to be repaid, is included in cumulative translation
adjustments. Cumulative translation adjustments are not included in
net earnings unless they are actually realized through a sale or
upon complete or substantially complete liquidation of the
Company&amp;#x2019;s net investment in the foreign operation.
Translation of current intercompany balances are included in net
earnings. The balance sheets of non-US dollar based subsidiaries
are translated at the period end rate. The income statements of
non-US dollar based subsidiaries are translated at average exchange
rates for the period.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Gains and losses arising from the Company&amp;#x2019;s foreign currency
transactions are reflected in net earnings. Unrealized gains or
losses arising on the translation of certain intercompany foreign
currency transactions that are of a long-term nature (that is
settlement is not planned or anticipated in the future) are
included as cumulative translation adjustments in accumulated other
comprehensive income.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Derivative Financial Instruments.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company
follows Accounting for Derivative Instruments and Hedging
Activities. Topic of the FASB Accounting Standards Codification
establishes accounting and reporting standards requiring that every
derivative instrument (including certain derivative instruments
embedded in other contracts and debt instruments) be recorded in
the balance sheet as either an asset or liability measured at its
fair value. The accounting for the change in fair value of the
derivative depends on whether the instrument qualifies for and has
been designated as a hedging relationship and on the type of
hedging relationship. There are three types of hedging
relationships: a cash flow hedge, a fair value hedge and a hedge of
foreign currency exposure of a net investment in a foreign
operation. The designation is based upon the exposure being hedged.
Derivatives that are not hedges, or become ineffective hedges, must
be adjusted to fair value through earnings.&lt;/p&gt;
&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:ForeignCurrencyTransactionGainLossUnrealized contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-687000</us-gaap:ForeignCurrencyTransactionGainLossUnrealized>
  <us-gaap:QuarterlyFinancialInformationTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
19. Quarterly Results of Operations (Unaudited) (Restated for
Discontinued Operations)&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following table sets forth a summary of the Company&amp;#x2019;s
consolidated unaudited quarterly results of operations for the
years ended December 31, 2011 and 2010, in thousands of dollars,
except per share amounts.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15"&gt;Quarters&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;First&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Second&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Third&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Fourth&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
215,091&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
238,020&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
235,825&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
254,338&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
133,956&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
167,704&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
176,478&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
211,008&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Cost of services sold:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
157,762&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
161,226&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
173,961&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
181,511&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
95,641&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
115,326&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
121,714&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
140,690&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Income (loss) from continuing operations:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,754&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,993&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(17,285&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(55,513&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(8,359&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,475&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(8,498&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,915&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net income (loss) attributable to MDC Partners Inc.:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(8,685&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,323&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(19,574&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(57,742&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,186&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(5,805&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,918&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
11,469&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Income (loss) per common share:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Basic&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Continuing operations:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.05&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.66&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1.95&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.34&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.16&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.43&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net income (loss):&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.31&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.05&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.67&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1.97&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.37&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.21&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.38&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.40&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Diluted&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Continuing operations:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.05&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.66&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1.95&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.34&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.16&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.39&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net income (loss):&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.31&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.04&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.67&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1.97&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.37&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.21&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(0.38&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
0.36&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The above revenue, cost of services sold, and income (loss) from
continuing operations have primarily been affected by acquisitions,
divestitures and discontinued operations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Historically, with some exceptions, the Company&amp;#x2019;s fourth
quarter generates the highest quarterly revenues in a year. The
fourth quarter has historically been the period in the year in
which the highest volumes of media placements and retail related
consumer marketing occur.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Income (loss) from continuing operations and net loss have been
affected as follows:&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;The fourth quarter of 2011 includes
non-cash stock based compensation charges of $5,837.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;The fourth quarter of 2010 includes
non-cash stock based compensation charges of $3,203.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;The fourth quarter of 2011 includes
deferred acquisition adjustments of $11,757 and an additional
deferred tax valuation allowance of $47,422.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;The fourth quarter of 2010 includes
income of $3,753 for deferred acquisition consideration
adjustments.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
  <us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;p style="text-indent:0pt; text-align: right; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;b&gt;Schedule II&amp;#xA0;&amp;#x2014;&amp;#xA0;1 of 2&lt;/b&gt;&lt;/p&gt;
&lt;h1 style="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
MDC PARTNERS INC. &amp;amp; SUBSIDIARIES&lt;/h1&gt;
&lt;h1 style="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
SCHEDULE II&amp;#xA0;&amp;#x2014;&amp;#xA0;VALUATION AND QUALIFYING
ACCOUNTS&lt;br /&gt;
For the Three Years Ended December 31, 2010&lt;br /&gt;
(Dollars in Thousands)&lt;/h1&gt;
&lt;p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;/p&gt;
&lt;div style="text-align: center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="608" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;Column A&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column B&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column C&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column D&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column E&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column F&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;Description&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Balance at Beginning of Period&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Charged to Costs and Expenses&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Removal of Uncollectable Receivables&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Translation Adjustments Increase
(Decrease)&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Balance at the End of Period&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Valuation accounts deducted&lt;br /&gt;
from assets to which they apply&amp;#xA0;&amp;#x2013;&amp;#xA0;allowance
for&lt;br /&gt;
doubtful accounts:&lt;br /&gt;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;December 31, 2011&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;1,990&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;158&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(1,299&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;2&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;851&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;December 31, 2010&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;2,034&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;765&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(824&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;15&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;1,990&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;December 31, 2009&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;2,179&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;946&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(1,154&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;63&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;2,034&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="text-indent:0pt; text-align: right; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;b&gt;Schedule II&amp;#xA0;&amp;#x2014;&amp;#xA0;2 of 2&lt;/b&gt;&lt;/p&gt;
&lt;h1 style="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
MDC PARTNERS INC. &amp;amp; SUBSIDIARIES&lt;/h1&gt;
&lt;h1 style="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
SCHEDULE II&amp;#xA0;&amp;#x2014;&amp;#xA0;VALUATION AND QUALIFYING
ACCOUNTS&lt;br /&gt;
For the Three Years Ended December 31, 2011&lt;br /&gt;
(Dollars in Thousands)&lt;/h1&gt;
&lt;p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;/p&gt;
&lt;div style="text-align: center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="608" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;Column A&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column B&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column C&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column D&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column E&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Column F&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" rowspan="1" colspan="1"&gt;Description&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Balance at Beginning of Period&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Charged to Costs and Expenses&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Other&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Translation Adjustments Increase
(Decrease)&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3"&gt;Balance at the End of Period&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;Valuation accounts deducted&lt;br /&gt;
from assets to which they apply&amp;#xA0;&amp;#x2013;&amp;#xA0;valuation
allowance for deferred income taxes:&lt;br /&gt;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;December 31, 2011&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;66,459&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;47,422&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(4&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;sup&gt;(1)&lt;/sup&gt;&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(292&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;113,585&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;December 31, 2010&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;77,044&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(7,986&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(3,908&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;sup&gt;(1)&lt;/sup&gt;&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;1,309&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;66,459&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #CCFFCC"&gt;
&lt;td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1"&gt;December 31, 2009&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;70,929&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;2,656&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;(2,705&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
)&lt;sup&gt;(1)&lt;/sup&gt;&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;6,164&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"&gt;&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"&gt;&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1"&gt;77,044&lt;/td&gt;
&lt;td style="white-space: nowrap; vertical-align: text-bottom; text-align: left"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="text-align: left; text-indent: 1px"&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" style="text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt"&gt;
&lt;tr style="font-weight: normal; font-style: normal; line-height: 12pt; font-size: 10pt; vertical-align: top; text-align: left"&gt;
&lt;td style="width: 1px"&gt;&lt;/td&gt;
&lt;td style="width: 20px; text-align: left"&gt;(1)&lt;/td&gt;
&lt;td style="text-align: left"&gt;Adjustment to reconcile actual net
operating loss carry forwards to prior year tax accrued,
utilization of net operating loss carry forwards, which were fully
reserved and adjustment for net operating loss relating to sale of
business.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock>
  <us-gaap:IncreaseDecreaseInOtherReceivables contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-15335000</us-gaap:IncreaseDecreaseInOtherReceivables>
  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-29799000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
  <us-gaap:NonoperatingGainsLosses contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">116000</us-gaap:NonoperatingGainsLosses>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">23383000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:DepreciationAndAmortization contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">40236000</us-gaap:DepreciationAndAmortization>
  <us-gaap:AmortizationOfIntangibleAssets contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">22571000</us-gaap:AmortizationOfIntangibleAssets>
  <us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
8. Goodwill and Intangible Assets&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
As of December 31, the gross and net amounts of acquired intangible
assets were as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Goodwill&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Strategic&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Performance&lt;br /&gt;
Marketing&lt;br /&gt;
Services&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Total&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance of December 31, 2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
248,114&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
53,518&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
301,632&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Acquired goodwill&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
78,147&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
132,497&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
210,644&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Goodwill impairment&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(942&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(942&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Foreign currency translation&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,658&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,496&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,154&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance as of December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
326,977&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
187,511&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
514,488&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Acquired goodwill&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
61,944&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
23,763&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
85,707&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Acquisition purchase price adjustments&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,458&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,549&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,007&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Foreign currency translation&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(854&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,104&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,958&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance as of December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
389,525&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
215,719&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
605,244&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;For the Year Ended&lt;br /&gt;
December 31,&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Intangibles:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Trademarks (indefinite life)&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,780&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,780&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Customer relationships&amp;#xA0;&amp;#x2013;&amp;#xA0;gross&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
79,154&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
68,603&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Less accumulated amortization&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(44,803&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(26,517&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Customer relationships&amp;#xA0;&amp;#x2013;&amp;#xA0;net&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
34,351&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
42,086&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Other intangibles&amp;#xA0;&amp;#x2013;&amp;#xA0;gross&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
16,202&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
16,926&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Less accumulated amortization&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,353&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(9,659&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Other intangibles&amp;#xA0;&amp;#x2013;&amp;#xA0;net&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,849&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,267&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total intangible assets&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
113,136&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
103,309&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Less accumulated amortization&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(55,156&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(36,176&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total intangible assets&amp;#xA0;&amp;#x2013;&amp;#xA0;net&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
57,980&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
67,133&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
See Note 4 for Accounting for Business Combinations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2010, the Company recorded a goodwill impairment charge of
$942, which consists of $710 relating to Fearless and $232 relating
to Zig US. Fearless was a start up company that the Company
discontinued in June 2010. Zig US&amp;#x2019;s business operations have
been treated as discontinued as of September 30, 2010.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The total accumulated impairment charges totaled $24,845 through
December 31, 2011.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The weighted average amortization periods for customer
relationships are 5 years and other intangible assets are 6 years.
In total, the weighted average amortization period is 5 years. The
amortization expense of amortizable intangible assets for the year
ended December 31, 2011, was $22,510
(2010&amp;#xA0;&amp;#x2014;&amp;#xA0;$17,631; 2009&amp;#xA0;&amp;#x2014;&amp;#xA0;$17,968)
the estimated amortization expense for the five succeeding years
is:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Year&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amortization&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2012&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
18,694&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2013&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10,217&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2014&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,888&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2015&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,835&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;566&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock>
  <us-gaap:OperatingIncomeLoss contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">9307000</us-gaap:OperatingIncomeLoss>
  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-77424000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-1677000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
1. Basis of Presentation&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
MDC Partners Inc. (the &amp;#x201C;Company&amp;#x201D;) has prepared the
consolidated financial statements included herein pursuant to the
rules and regulations of the United States Securities and Exchange
Commission (the &amp;#x201C;SEC&amp;#x201D;) and in accordance with generally
accepted accounting principles (&amp;#x201C;GAAP&amp;#x201D;) of the United
States of America (&amp;#x201C;US GAAP&amp;#x201D;).&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Effective December 2011, one of the Company&amp;#x2019;s operating
divisions, Performance Marketing Group (a division of Accent) has
been deemed a discontinued operation. All periods have been
restated to reflect the discontinued operation. For further
information see Note 10 &amp;#x201C;Discontinued Operations.&amp;#x201D;&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Nature of Operations&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
MDC Partners Inc., formerly MDC Corporation Inc., is incorporated
under the laws of Canada. The Company commenced using the name MDC
Partners Inc. on November 1, 2003 and legally changed its name
through amalgamation with a wholly-owned subsidiary on January 1,
2004. The Company&amp;#x2019;s operations are in primarily one business
group&amp;#xA0;&amp;#x2014;&amp;#xA0;Marketing Communications. The business
group operates primarily in the United States (&amp;#x201C;US&amp;#x201D;),
Canada, Europe, and in the United Kingdom. See Note 15,
&amp;#x201C;Segment Information&amp;#x201D;, for further description of the
one business group and MDC&amp;#x2019;s reportable segments.&lt;/p&gt;
&lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:SalesRevenueServicesNet contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">943274000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
10. Discontinued Operations&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In December 2011, the Company discontinued a division of Accent
Marketing Services, LLC, called Performance Marketing Group. As a
result, the Company has classified this entity&amp;#x2019;s results of
operations as a loss of $1,339 as discontinued operations. The
Company also recorded net adjustments of $22 to increase a
previously recorded liability relating to a prior discontinued
operation.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The loss net of taxes from discontinued operations for 2010 was
$3,949, which is comprised of the operating results of Performance
Marketing Group of $1,455. The loss also includes the results from
operations of a start-up division of Redscout, LLC called 007. As a
result, the Company has classified this entity&amp;#x2019;s results of
operations as a loss of $722 as discontinued operations. In
addition, the Company ceased Zig US current operations and as a
result incurred a goodwill impairment charge of $232. Including the
impairment charge Zig US&amp;#x2019;s results of operations, net of
income tax benefits, for the year ended 2010, there was a loss of
$1,046. The Company discontinued a start up called Fearless
Progression LLC (&amp;#x201C;Fearless&amp;#x201D;). As a result, the Company
wrote off its investment in Fearless of $710. Including the
impairment charge, Fearless&amp;#x2019;s results of operations net of
income tax benefits for the year ended 2010, was a loss of $743.
The Company has classified this entity&amp;#x2019;s results as
discontinued operations. In December 2010, the Company recorded net
adjustments of $21 to reduce a previously recorded liability
relating to prior discontinued operations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The loss net of taxes from discontinued operations for 2009 was
$3,180 and is comprised of the operating results of Performance
Marketing Group of $1,661, Clifford/Bratskeir Public Relations LLC
(&amp;#x201C;Bratskeir&amp;#x201D;) of $361 and Margeotes Fertitta Powell,
LLC (&amp;#x201C;MFP&amp;#x201D;) of $515 and Zig US of $643, relates to an
adjustment to a previously recorded liability.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Included in discontinued operations in the Company&amp;#x2019;s
consolidated statements of operations for the years ended December
31 were the following:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Years Ended December 31,&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Revenue&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10,122&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9,166&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
9,914&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Impairment charge&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(942&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Operating loss&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,336&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(4,271&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,563&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Other expense&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(25&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(123&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(108&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Income tax recovery&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;343&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;270&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Noncontrolling interest expense recovery&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
102&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
221&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Net loss from discontinued operations&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,361&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,949&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,180&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011, $4,060 and $1,332 was included in other
current assets and other current liabilities, respectively, which
represent assets held for sale and related liabilities.&lt;/p&gt;
&lt;/div&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
5. Fixed Assets&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following is a summary of the fixed assets as of December
31:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Cost&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Accumulated&lt;br /&gt;
Depreciation&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Net Book&lt;br /&gt;
Value&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Cost&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Accumulated&lt;br /&gt;
Depreciation&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Net Book&lt;br /&gt;
Value&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Computers, furniture and fixtures&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
100,373&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(73,521&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
26,852&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
94,268&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(68,540&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
25,728&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Leasehold improvements&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
49,292&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(28,407&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
20,885&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
41,217&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(25,892&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15,325&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
149,665&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(101,928&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
47,737&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
135,485&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(94,432&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
41,053&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Included in fixed assets are assets under capital lease obligations
with a cost of $4,243, (2010&amp;#xA0;&amp;#x2014;&amp;#xA0;$4,323) and
accumulated depreciation of $2,816 (2010&amp;#xA0;&amp;#x2014;&amp;#xA0;$2,421).
Depreciation expense for the years ended December 31, 2011, 2010
and 2009 was $17,665, $16,447 and $16,087, respectively.&lt;/p&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:ProceedsFromRepaymentsOfBankOverdrafts contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-5676000</us-gaap:ProceedsFromRepaymentsOfBankOverdrafts>
  <us-gaap:IncomeTaxExpenseBenefit contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">41735000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-2853000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">832000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-264000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
13. Fair Value Measurements&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Effective January 1, 2008, the Company adopted guidance regarding
accounting for Fair Value Measurements. This guidance defines fair
value, establishes a framework for measuring fair value and expands
the related disclosure requirements. The statement indicates, among
other things, that a fair value measurement assumes a transaction
to sell an asset or transfer a liability occurs in the principal
market for the asset or liability or, in the absence of a principal
market, the most advantageous market for the asset or
liability.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In order to increase consistency and comparability in fair value
measurements, the guidance establishes a hierarchy for observable
and unobservable inputs used to measure fair value into three broad
levels, which are described below:&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;i&gt;Level 1:&lt;/i&gt;&amp;#xA0;&amp;#xA0;Quoted
prices (unadjusted) in active markets that are accessible at the
measurement date for assets or liabilities. The fair value
hierarchy gives the highest priority to Level 1 inputs.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;i&gt;Level 2:&lt;/i&gt;&amp;#xA0;&amp;#xA0;Observable
prices that are based on inputs not quoted on active markets, but
corroborated by market data.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 21px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 24px"&gt;&amp;#x2022;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&lt;i&gt;Level
3:&lt;/i&gt;&amp;#xA0;&amp;#xA0;Unobservable inputs are used when little or no
market data is available. The fair value hierarchy gives the lowest
priority to Level 3 inputs.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In determining fair value, the Company utilizes valuation
techniques that maximize the use of observable inputs and minimize
the use of unobservable inputs to the extent possible as well as
considers counterparty credit risk in its assessment of fair
value.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On a nonrecurring basis, the Company uses fair value measures when
analyzing asset impairment. Long-lived assets and certain
identifiable intangible assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. If it is determined such
indicators are present and the review indicates that the assets
will not be fully recoverable, based on undiscounted estimated cash
flows over the remaining amortization periods, their carrying
values are reduced to estimated fair value. Measurements based on
undiscounted cash flows are considered to be level 3 inputs. During
the fourth quarter of each year, the Company evaluates goodwill and
indefinite-lived intangibles for impairment at the reporting unit
level. For each acquisition, the Company performed a detailed
review to identify intangible assets and a valuation is performed
for all such identified assets. The Company used several market
participant measurements to determine estimated value. This
approach includes consideration of similar and recent transactions,
as well as utilizing discounted expected cash flow methodologies.
The amounts allocated to assets acquired and liabilities assumed in
the acquisitions were determined using level three inputs. Fair
value for property and equipment was based on other observable
transactions for similar property and equipment. Accounts
receivable represents the best estimate of balances that will
ultimately be collected, which is based in part on allowance for
doubtful accounts reserve criteria and an evaluation of the
specific receivable balances.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following tables present certain information for our financial
assets that is measured at fair value on a recurring basis at
December 31, 2011 and 2010:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;Level 1 2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;Level 1 2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Carrying&lt;br /&gt;
Amount&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Fair Value&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Carrying&lt;br /&gt;
Amount&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Fair Value&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Liabilities:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Long term debt&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
344.4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
367.4&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
283.2&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
323.7&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Our long term debt includes fixed rate debt. The fair value of this
instrument is based on quoted market prices.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The following table presents changes in Deferred Acquisition
Consideration.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7"&gt;Fair Value Measurements Using&lt;br /&gt;
Significant Unobservable Inputs&lt;br /&gt;
(Level 3)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Beginning Balance of contingent payments&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
98,534&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
29,654&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Payments&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(26,656&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(23,285&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Grants&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
46,292&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
92,383&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Redemption value adjustments&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
13,416&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(779&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Transfers to fixed payments&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,467&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Foreign translation adjustment&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(360&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
561&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Ending Balance of contingent payments&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
129,759&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
98,534&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In addition to the above amounts, there are fixed payments of
$7,464 and $9,457 for total deferred acquisition consideration of
$137,223 and $107,991, which reconciles to the consolidating
financial statements at December 31, 2011 and 2010,
respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Level 3 payments relate to payments made for deferred acquisition
consideration. Level 3 grants relate to contingent purchase price
obligations related to acquisitions. The Company records the
initial liability of the estimated present value. The estimated
liability is determined in accordance with various contractual
valuation formulas that may be dependent on future events, such as
the growth rate of the earning of the relevant subsidiary during
the contractual period, and, in some cases, the currency exchange
rate of the date of payment. Level 3 redemption value adjustments
relate to the remeasurement and change in these various contractual
valuation formulas as well as adjustments of present value.&lt;/p&gt;
&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
9. Income Taxes&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The components of the Company&amp;#x2019;s income (loss) from continuing
operations before income taxes, equity in affiliates and
noncontrolling interests by taxing jurisdiction for the years ended
December 31, were:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
US&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(20,262&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,707&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,915&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Non-US&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(13,775&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,259&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(4,949&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(34,037&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,448&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,034&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The provision (benefit) for income taxes by taxing jurisdiction for
the years ended December 31, were:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Current tax provision&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
US federal&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
US state and local&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;894&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;368&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,246&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Non-US&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
557&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,840&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
318&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,451&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,208&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,564&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred tax provision (benefit):&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
US federal&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
45,110&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;428&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8,681&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
US state and local&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,750&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;501&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,347&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Non-US&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(12,576&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,302&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(4,056&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
40,284&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(5,373&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,972&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Income tax provision (benefit)&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
41,735&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(165&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8,536&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
A reconciliation of income tax expense using the statutory Canadian
federal and provincial income tax rate compared with actual income
tax expense for the years ended December 31, is as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(34,037&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,448&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,034&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Statutory income tax rate&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
31.0&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
31.0&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
33.0&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Tax benefit using statutory income tax rate&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(10,551&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(759&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(341&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
State and foreign taxes&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,450&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,909&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,045&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Non-deductible stock-based compensation&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,144&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,941&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,160&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other non-deductible expense&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,482&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;890&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;732&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Change to valuation allowance on items affecting taxable
income&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
44,230&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,986&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,656&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Additional tax reserve&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,100&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(2,368&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(3,123&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,767&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other, net&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
348&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(137&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(949&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Income tax expense (benefit)&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
41,735&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(165&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8,536&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Effective income tax rate&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
122.6&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6.7&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
825.5&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
%&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; TEXT-INDENT: 1px"&gt;&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 1px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 20px"&gt;(1)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Included in the change in valuation
allowance in 2010 is $3,188 relating to the reversal of the
valuation allowance as a result of a non-taxable acquisition.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
See Note 10 for income taxes for discontinued operations.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The 2011 effective income tax rate was significantly higher than
the statutory rate due primarily to an increase in the valuation
allowance of $44,230 and non-deductible stock based compensation of
$7,144.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The 2010 effective income tax rate was significantly lower than the
statutory rate due primarily to an additional tax reserve of
$4,100, non-deductible stock-based compensation of $4,941, state
and foreign income taxes of $1,909 offset by a decrease in the
Company&amp;#x2019;s valuation allowance of $7,986.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The 2009 effective income tax rate was significantly higher than
the statutory rate due primarily from the increase in the
Company&amp;#x2019;s valuation allowance of $2,656, non-deductible
stock-based compensation of $5,160 and State and foreign income
taxes of $1,564.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Income taxes receivable were $313 and $712 at December 31, 2011 and
2010, respectively, and were included in accounts receivable on the
balance sheet. Income taxes payable were $5,381 and $4,969 at
December 31, 2011 and 2010, respectively, and were included in
accrued and other liabilities on the balance sheet. It is the
Company&amp;#x2019;s policy to classify interest and penalties arising
in connection with the under payment of income taxes as a component
of income tax expense. For the year ended 2010, $1,093 is included
in the current provision of income tax expense relating to interest
and penalties as a result of an identified uncertain tax position.
For the years ended 2011and 2009, income tax expense does not
include any amounts for interest and penalties.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The tax effects of significant temporary differences representing
deferred tax assets and liabilities at December 31, were as
follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred tax assets:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Capital assets and other&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
33,567&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,292&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net operating loss carry forwards&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
50,274&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
41,313&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Interest deductions&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
21,792&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
18,201&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred acquisition consideration&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,070&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Stock compensation&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,356&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;896&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Unrealized foreign exchange&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;753&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;268&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Capital loss carry forwards&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
16,921&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,289&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Accounting reserves&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,026&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
6,118&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gross deferred tax asset&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
137,759&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
91,377&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Less: valuation allowance&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(118,655&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(66,459&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net deferred tax assets&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
19,104&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
24,918&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred tax liabilities:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred finance charges&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(514&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(526&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Capital assets&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(417&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(300&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Goodwill amortization&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(53,181&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(18,816&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Total deferred tax liabilities&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(54,112&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(19,642&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net deferred tax asset (liability)&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(35,008&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,276&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Disclosed as:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred tax assets&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
15,767&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
24,966&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Deferred tax liabilities&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(50,775&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(19,690&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(35,008&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,276&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Included in accrued and other liabilities at December 31, 2011 and
2010 is a deferred tax liability of $51 and $48, respectively.
Included in other current assets at December 31, 2011 and 2010 is a
deferred tax asset of $387 and $3,363, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has US federal net operating loss carry forwards of
$70,955 and non-US net operating loss carry forwards of $49,732,
these carry forwards expire in years 2015 through 2031. The Company
also has total indefinite loss carry forwards of $165,875. These
indefinite loss carry forwards consist of $58,704 relating to the
US and $109,171 which are related to capital losses from the
Canadian operations. In addition, the Company has net operating
loss carry forwards for various state taxing jurisdictions of
approximately $201,366.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company records a valuation allowance against deferred income
tax assets when management believes it is more likely than not that
some portion or all of the deferred income tax assets will not be
realized. Management considers factors such as the reversal of
deferred income tax liabilities, projected future taxable income,
the character of the income tax asset; tax planning strategies,
changes in tax laws and other factors. A change to these factors
could impact the estimated valuation allowance and income tax
expense.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The valuation allowance has been recorded to reduce our deferred
tax asset to an amount that is more likely than not to be realized,
and is based upon the uncertainty of the realization of certain US,
non-US and state deferred tax assets. The increase in the
Company&amp;#x2019;s valuation allowance charged to the statement of
operations for each of the years ended December 31, 2011 and 2009
was $44,230 and $2,656, respectively. In 2010 the Company reduced
its valuation and recorded a benefit in the statement of operations
of $7,986.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Deferred taxes are not provided for temporary differences
representing earnings of subsidiaries that are intended to be
permanently reinvested. The potential deferred tax liability
associated with these undistributed earnings is not material.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
As of December 31, 2011 and 2010, the Company recorded a liability
for unrecognized tax benefits as well as applicable penalties and
interest in the amount of $4,717, respectively. The Company
identified an uncertainty relating to the future tax deductibility
of certain intercompany interest and fees, to the extent that such
future benefit will be established, the resolution of this position
will have no effect with respect to the financial statements.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Changes in the Company&amp;#x2019;s reserve is as follows:&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance December 31, 2008&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;617&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Charges to income tax expense&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance December 31, 2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;617&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Charges to income tax expense&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,007&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,624&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Charges to income tax expense&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
3,624&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
We do not expect our unrecognized tax benefits to change
significantly over the next 12 months.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The Company has completed US federal tax audits through 2006 and
has completed a non-US tax audit through 2004.&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:InterestPaid contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">37497000</us-gaap:InterestPaid>
  <us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-905000</us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations>
  <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
4. Acquisitions&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Pro forma financial information has not been presented for the 2011
acquisitions noted below since they did not have a material effect
on the Company&amp;#x2019;s operating results. Included in the
Company&amp;#x2019;s consolidated statement of operations for the year
ended December 31, 2011 was revenue of $68,869 and a net loss of
$7,219 related to the 2011 acquisitions. The Company assumed
accounts receivable of $35,200 and accounts payable of $65,718 as
of the acquisition dates.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Fourth Quarter 2011 Acquisitions&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During the quarter ended December 31, 2011, the Company completed a
number of transactions. The Company, through a wholly-owned
subsidiary, acquired substantially all of the assets of RJ Palmer
LLC and a 75% interest in Trade X Partners LLC (&amp;#x201C;Trade
X&amp;#x201D;). These acquisitions expand the Company&amp;#x2019;s portfolio
with another full service media buying agency as well as provides
corporate bartering services to clients and are included in the
Performance Marketing Services segment. The Company also entered
into a transaction through its subsidiary Kwittken PR LLC
(&amp;#x201C;Kwittken&amp;#x201D;) acquired 100% of Epoch PR Limited. Epoch
is a communications and PR agency and expands Kwittken&amp;#x2019;s
capabilities to London and is included in the Strategic Marketing
Services segment. The Company also acquired a 51% interest in AIC
Publishing Services LP (&amp;#x201C;AIC&amp;#x201D;). In addition, the
Company increased its ownership to 85.3% of Veritas, to 94.0% of
656712 Ontario Limited (&amp;#x201C;Onbrand&amp;#x201D;), to 66.3% of
6Degrees Integrated Communications and 85% of Boom Marketing Inc.
The aggregate purchase price for these transactions has an
estimated present value at acquisition date of $26,659 and
consisted of total closing cash payments of $12,769, and additional
contingent deferred acquisition consideration, that are based on
actual financial results of the underlying businesses from 2011 to
2016 with final payments due in 2017 with an estimated present
value at acquisition date of $15,944. An allocation of the excess
purchase consideration of these acquisitions to the fair value of
the net assets acquired resulted in identifiable intangibles of
$5,434 consisting primarily of customer lists and covenants not to
compete, and goodwill of $25,091 representing the value of
assembled workforce. The identified intangible assets will be
amortized from a five to seven year period in a manner represented
by the pattern in which the economic benefits of the customer
contracts/relationships are realized. In addition, the Company has
recorded $1,237, the present value of redeemable noncontrolling
interest in relation to Trade X. The founder of Trade X has the put
option rights only upon termination without cause, disability, or
death. The Company recorded $229, the present value of
noncontrolling interest in relationship to AIC. The Company also
recorded an entry to reduce noncontrolling interests by $2,017 and
additional paid-in-capital of $1,328. The intangibles and goodwill
of $28,252 are tax deductible.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The actual adjustments that the Company will ultimately make in
finalizing the allocation of purchase price to fair value of the
net assets acquired, will depend on a number of factors, including
additional information such as changes in the unaudited financial
statements.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Third Quarter 2011 Acquisitions&lt;/h3&gt;
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During the quarter ended September 30, 2011, the Company completed
a number of acquisitions. The Company, through a wholly-owned
subsidiary, purchased a 70% interest in Concentric Partners, LLC
(&amp;#x201C;Concentric&amp;#x201D;) and a 65% interest in Laird + Partners,
New York LLC (&amp;#x201C;Laird&amp;#x201D;). The Concentric acquisition is
expected to serve as the foundation of the Company&amp;#x2019;s
healthcare platform. The Laird acquisition increases the
Company&amp;#x2019;s positioning in the luxury goods and retail
marketplace. Concentric and Laird are now included in the
Company&amp;#x2019;s Strategic Marketing Services segment. In addition,
the Company increased its ownership to 100% of Redscout LLC
(&amp;#x201C;Redscout&amp;#x201D;), 82% of VitroRobertson LLC
(&amp;#x201C;Vitro&amp;#x201D;), and 91.8% of The Northstar Group of
companies. The aggregate purchase price for these transactions has
an estimated present value at acquisition date of $37,914 and
consisted of total closing cash payments of $15,972, additional
contingent deferred acquisition consideration, that are based on
actual financial results of the underlying businesses from 2011 to
2016 with final payments due in 2017 with an estimated present
value at acquisition date of $21,796. During the fourth quarter of
2011, the Company paid a $572 working capital payment. An
allocation of the excess purchase consideration of these
acquisitions to the fair value of the net assets acquired resulted
in identifiable intangibles of $4,205 consisting primarily of
customer lists and covenants not to compete, and goodwill of
$36,664 representing the value of assembled workforce. The
identified intangible assets will be amortized from a five to seven
year period in a manner represented by the pattern in which the
economic benefits of the customer contracts/relationships are
realized. In addition, the Company has recorded $5,045, the present
value of redeemable noncontrolling interest in relation to Laird,
and $6,478, the present value of noncontrolling interest in
relation to Concentric. The remaining principals of Laird have put
option rights only upon termination without cause, disability, or
death. The Company also recorded an entry to reduce noncontrolling
interests by $1,297 and additional paid-in-capital of $4,251 and
recorded shares to be issued of $424 in relation to the step ups.
The intangibles and goodwill are tax deductible.&lt;/p&gt;
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The actual adjustments that the Company will ultimately make in
finalizing the allocation of purchase price to fair value of the
net assets acquired, will depend on a number of factors, including
additional information such as changes in the unaudited financial
statements.&lt;/p&gt;
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Second Quarter 2011 Acquisitions&lt;/h3&gt;
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During the Quarter ended June 30, 2011, the Company increased
ownership in Communifx Partners LLC (&amp;#x201C;Communifx&amp;#x201D;) by
1.3%, and increased its ownership of Varick Media Management LLC
(&amp;#x201C;Varick&amp;#x201D;) to 100%. The aggregate purchase price for
these two step up transactions has an estimated present value at
acquisition date of $3,930 and is recorded as deferred acquisition
consideration, of which the Company paid $81. Both of these step-up
transactions were subject to put options. The Company recorded an
entry to reduce redeemable noncontrolling interests by $4,440 and
recorded an increase to additional-paid-in-capital of $509. The
amounts to be paid will be tax deductible.&lt;/p&gt;
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First Quarter 2011 Acquisitions&lt;/h3&gt;
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Effective January 31, 2011, the Company, through a wholly-owned
subsidiary, purchased 60% of the total outstanding membership
interests in Anomaly Partners, LLC (&amp;#x201C;Anomaly&amp;#x201D;). This
acquisition expands the Company&amp;#x2019;s portfolio with another
creatively driven agency brand with an international presence.
Anomaly is now included in the Company&amp;#x2019;s Strategic Marketing
Services segment. At closing, the Company paid cash of $15,000 plus
additional contingent deferred acquisition consideration, based on
actual results from 2010 to 2014 with final payments due in 2015,
with an original estimated present value of $20,951 at the date of
acquisition. During 2011, the Company made a working capital
payment of $1,854. An initial estimated allocation of the excess
purchase consideration of this acquisition to the fair value of the
net assets acquired resulted in identifiable intangibles of $4,000
(consisting primarily of customer lists and a covenant not to
compete) and goodwill of $22,297 representing the value of the
assembled workforce. The fair value of the noncontrolling interest
not acquired at the acquisition date was $7,890 based on the
Company&amp;#x2019;s evaluation of the Company being acquired and the
purchase price paid by the Company and has been recorded as
redeemable noncontrolling interests due to put option rights which
are triggered upon such owner&amp;#x2019;s termination without cause,
disability or death. The identified intangibles will be amortized
ranging from a five to eight-year period in a manner represented by
the pattern in which the economic benefits of the customer
contracts/relationships are realized. The intangibles and goodwill
are tax deductible.&lt;/p&gt;
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The actual adjustments that the Company will ultimately make in
finalizing the allocation of purchase price to fair value of the
net assets acquired, will depend on a number of factors, including
additional information such as changes in the unaudited financial
statements.&lt;/p&gt;
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2010 Acquisitions&lt;/h3&gt;
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Fourth Quarter 2010 Acquisitions&lt;/h3&gt;
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Effective November 30, 2010, the Company, through a wholly-owned
subsidiary, purchased 80% of the total outstanding equity interests
in each of Kenna Communications LP, an Ontario limited partnership
(&amp;#x201C;Kenna&amp;#x201D;), and Capital C Partners LP, an Ontario
limited partnership (&amp;#x201C;Capital C&amp;#x201D;). Capital C is a
full-service marketing agency providing services such as business
strategy and consumer insights, shopper monitoring, and product
innovation. Kenna delivers sales and marketing solutions to make
organizations more efficient, more productive and more effective.
The aggregate purchase price was equal to $26,300 and additional
deferred acquisition consideration, with an original estimated
present value at the acquisition date of $12,360, that is based
upon actual results from 2010 to 2015 with final payments due in
2016 of which the Company paid $343 in 2011. In addition,
performance payments of up to $5,000 may be paid in the future
based on these results and will result in stock based compensation
charges over that period. The Company recorded $19,905 as the
present value of redeemable noncontrolling interest in relation to
the Kenna and Capital C put option rights triggered upon such
owner&amp;#x2019;s termination without cause, disability or death.
Beginning in 2016, the Company has a call for the remaining 20% of
each of Kenna and Capital C. If the Company does not exercise this
call, the operating results of Kenna and Capital C will be
allocated to the Company on a basis less than the Company&amp;#x2019;s
ownership basis as defined. An initial estimated allocation of the
excess purchase consideration of this acquisition to the fair value
of the net assets acquired resulted in identifiable intangibles of
$10,254 (consisting of primarily customer lists and a covenant not
to compete) and goodwill of $47,297 representing the value of
assembled workforce. The identified intangible assets will be
amortized from a five to eight year period in a manner represented
by the pattern in which the economic benefits of the customer
contracts/relationships are realized. The intangibles and goodwill
are not tax deductible. Accordingly, the Company recorded a
deferred tax liability of $3,188 representing the future benefits
relating to the amortization of the identified intangibles.&lt;/p&gt;
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During the quarter ended December 31, 2010, the Company also
completed a number of other acquisitions. The Company purchased a
51% interest in 72andSunny Partners LLC (&amp;#x201C;72andSunny&amp;#x201D;).
72andSunny is full service agency that conceives and executes fully
integrated campaigns across all media for top global brands. The
Company also increased its ownership of Allard Johnson
Communications Inc. (now known as Kbs+p Canada, LP) (&amp;#x201C;Kbs+p
Canada&amp;#x201D;) to 100%, and Company C Communications LLC
(&amp;#x201C;Company C&amp;#x201D;) to 100%. The aggregate purchase price
paid for these other acquisitions was equal to $35,859, and
consisted of total closing cash payments of $12,937, net of $790
repayment of loans; a $271 working capital adjustment; and
additional contingent deferred acquisition consideration, that are
based on actual financial results of the underlying business from
2010 to 2015 with final payments due in 2016 with an original
estimated present value at acquisition date of $21,861, of which
the Company paid $2,500 in December 2010 and $3,755 in 2011. An
allocation of the excess purchase consideration of this acquisition
to the fair value of the net assets acquired resulted in
identifiable intangibles of $5,690, consisting primarily of
customer lists and covenants not to compete, and goodwill of
$35,322 representing the value of assembled workforce. The
identified intangibles will be amortized ranging from a five to
seven-year period in a manner represented by the pattern in which
the economic benefits of the customer contracts/relationships are
realized. In addition, the Company has recorded $13,722, the
present value of redeemable noncontrolling interest in relation to
72andSunny. 72andSunny has put option rights only upon such
owner&amp;#x2019;s termination without cause, disability or death. The
Company also recorded an entry to reduce redeemable noncontrolling
interests by $3,802 and additional paid-in-capital of $3,123 in
relation to the Kbs+p Canada and Company C step up. The amounts
paid and to be paid will be tax deductible in relation to the
72andSunny acquisition. However, it will not be tax deductible in
relation to the Kbs+p Canada transaction.&lt;/p&gt;
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Third Quarter 2010 Acquisitions&lt;/h3&gt;
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During the quarter ended September 30, 2010, the Company completed
a number of acquisitions. The Company purchased a 60% equity
interest in Relevent Partners, LLC (&amp;#x201C;Relevent&amp;#x201D;), a 60%
equity interest in Kwittken PR, LLC (&amp;#x201C;Kwittken&amp;#x201D;), and
certain assets and liabilities of Think 360 Inc. (&amp;#x201C;Think
360&amp;#x201D;). Relevent is a full service marketing, special events,
production and promotions company that builds brands with consumers
through experiential lifestyle, entertainment and relationship
marketing programs. Kwittken is a full service public relations and
marketing agency. Think 360 is an integrated marketing agency. The
aggregate purchase price paid for these acquisitions consisted of
total closing cash payments of $15,085, plus additional contingent
deferred acquisition consideration, that are based on the actual
financial results of the underlying businesses from 2010 to 2014,
with final payments due in 2015 with an original estimated present
value at acquisition date of $14,898 of which the Company paid
$4,417 in 2011. An allocation of the excess purchase consideration
of these acquisitions to the fair value of the net assets acquired
resulted in identifiable intangibles of $4,974, consisting
primarily of customer lists and covenants not to compete, and
goodwill of $29,083 representing the value of the assembled
workforce. The identified intangibles will be amortized ranging
from a two to seven-year period in a manner represented by the
pattern in which the economic benefits of the customer
contracts/relationships are realized. The present value of the
redeemable noncontrolling interest not acquired at the acquisition
date was $5,513. Relevent and Kwittken have put option rights upon
an employee-owner&amp;#x2019;s termination without cause, disability or
death. The amounts paid and to be paid will be tax deductible.&lt;/p&gt;
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The Company has also increased ownership to 100% of Zig Inc. (now
known as Crispin Porter + Bogusky Canada LP (&amp;#x201C;CPB
Canada&amp;#x201D;)) and purchased an additional 25% of Bruce Mau Design
LLC., increasing the Company&amp;#x2019;s ownership to 75% The aggregate
purchase price paid for these step-ups consisted of total closing
cash payments of $3,115, plus the estimated present value at
acquisition date of additional deferred acquisition consideration
of $626. During the fourth quarter of 2010, and first nine months
of 2011, the Company made payments of $47 and $684, respectively.
In relation to these step-ups, the Company recorded an entry to
reduce redeemable noncontrolling interests by $1,365 and an entry
to reduce noncontrolling interests by $144. The Company recorded a
reduction of additional paid-in capital of $2,296 representing the
difference between the fair value of the interest and the value of
the redeemable noncontrolling interests. The amounts paid and to be
paid will not be tax deductible.&lt;/p&gt;
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Second Quarter 2010 Acquisitions&lt;/h3&gt;
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Effective May 6, 2010, the Company, through a wholly-owned
subsidiary, purchased 75% of the total outstanding membership
interests in Integrated Media Solutions Partners, LLC
(&amp;#x201C;IMS&amp;#x201D;), which expands the Company&amp;#x2019;s direct
response marketing capabilities. At closing, the Company paid cash
of $20,000 plus additional contingent deferred acquisition
consideration, based on actual results from 2010 to 2015 with final
payments due in 2016, with an original estimated present value of
$19,658 at the date of acquisition which includes fixed payments of
$2,216. During 2010 and 2011, the Company made payments of $666 and
$5,521, respectively. An initial estimated allocation of the excess
purchase consideration of this acquisition to the fair value of the
net assets acquired resulted in identifiable intangibles of $9,081
(consisting of primarily customer lists and a covenant not to
compete) and goodwill of $44,678 representing the value of the
assembled workforce. The fair value of the noncontrolling interest
not acquired at the acquisition date was $13,219 based in the
Company&amp;#x2019;s evaluation of the Company being acquired and the
purchase price paid by the Company. The identified intangibles will
be amortized ranging from a five to seven-year period in a manner
represented by the pattern in which the economic benefits of the
customer contracts/relationships are realized. The intangibles and
goodwill are tax deductible.&lt;/p&gt;
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During the quarter ended June 30, 2010, the Company completed a
number of acquisitions. The Company purchased a 51% equity interest
in Allison &amp;amp; Partners LLC (&amp;#x201C;Allison&amp;#x201D;), a 75% equity
interest in Sloane &amp;amp; Company LLC (&amp;#x201C;Sloane&amp;#x201D;), and
certain assets and liabilities of CSC&amp;#xA0;&amp;#x2014;&amp;#xA0;ADPLUS, LLC
(d.b.a. Infolure) (&amp;#x201C;Infolure&amp;#x201D;). Allison is a full
service public relations and corporate communications agency.
Sloane is a communication firm focused on corporate positioning and
communications, financial public relations and investor relations,
and crisis and transactions communications. Infolure is a direct
marketing firm. The purchase price paid for these acquisitions
consisted of aggregate cash payments of $17,632 plus additional
contingent deferred acquisition consideration, that are based on
actual results from 2010 to 2015 with final payments due in 2016
with an original estimated present value at acquisition date of
$15,797 which includes fixed payments of $3,805. During 2010 and
2011, the Company made payments of $2,020 and $5,192, respectively.
An allocation of the excess purchase consideration of these
acquisitions to the fair value of the net assets acquired resulted
in identifiable intangibles of $9,431 consisting primarily of
customer lists and covenants not to compete, and goodwill of
$27,697 representing the value of the assembled workforce. The
identified intangibles will be amortized ranging from a five to
seven-year period in a manner represented by the pattern in which
the economic benefits of the customer contracts/relationships are
realized. In addition, the Company has recorded $6,024, the present
value of redeemable noncontrolling interests in relation to Allison
and Sloane. The Allison acquisition has put option rights upon
termination of an employee-owner&amp;#x2019;s employment by reason of
death. The Sloane acquisition has put rights that could increase
the Company&amp;#x2019;s ownership to 100% in 2015. The amounts paid and
to be paid will be tax deductible.&lt;/p&gt;
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First Quarter 2010 Acquisitions&lt;/h3&gt;
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Effective March 1, 2010, the Company, through a wholly-owned
subsidiary, purchased 60% of the total outstanding membership
interests in The Arsenal LLC (formerly known as Team Holdings LLC)
(&amp;#x201C;Team&amp;#x201D;), which expands the Company&amp;#x2019;s
experiential marketing capabilities. At closing, the Company paid
cash of $11,000 plus additional contingent deferred acquisition
consideration, based on actual results from 2010 to 2012 with final
payments in 2013, with an original estimated present value of
$12,656, and the Company paid a working capital true-up estimated
at an additional $569. An initial estimated allocation of the
excess purchase consideration of this acquisition to the fair value
of the net assets acquired resulted in identifiable intangibles of
$5,220 (consisting of primarily customer lists and a covenant not
to compete) and goodwill of $32,993 representing the value of the
assembled workforce. The fair value of the noncontrolling interest
not acquired at the acquisition date was $15,771 based in the
Company&amp;#x2019;s evaluation of the Company being acquired and the
purchase price paid by the Company. The identified intangibles will
be amortized up to a seven-year period in a manner represented by
the pattern in which the economic benefits of the customer
contracts/relationships are realized. During the second quarter of
2010, the Company amended the purchase agreement to include
additional deferred acquisition consideration, with a current
present value of $3,071, with final payments due in 2012. The
additional deferred acquisition consideration resulted in
additional intangibles of $3,071. During 2010 and 2011, the Company
made payments of $986 and $8,112, respectively. The intangibles and
goodwill are tax deductible.&lt;/p&gt;
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During the three months ended March 31, 2010, the Company completed
a number of other acquisitions and step-ups in ownership. The
Company purchased a 76% equity interest in Communifx Partners LLC
(&amp;#x201C;Communifx&amp;#x201D;), substantially all of the assets of Plaid
Inc. (&amp;#x201C;Plaid&amp;#x201D;), an additional 15% equity interest in
Fletcher Martin, LLC (&amp;#x201C;Fletcher Martin&amp;#x201D;), an additional
49% equity interest in Trend Core, LLC (&amp;#x201C;Trend Core&amp;#x201D;),
and an additional 1% equity interest in HL Group Partners, LLC
(&amp;#x201C;HL Group&amp;#x201D;). Communifx builds and manages large-scale
customer database solutions to enable the planning, execution, and
measurement of multi-channel marketing and advertising programs.
Plaid is a marketing services business with a concentration in the
digital communication and social media arena. The Company purchased
the additional equity interests in Fletcher Martin and HL Group
pursuant to the exercise of outstanding puts. The purchase price
paid for these acquisitions and step-ups consisted of aggregate
cash payments of $4,921 plus additional contingent payments of $576
that are based on actual results from 2010 to 2015 with final
payments due in 2016. During 2011, the Company made payments of
$267. An allocation of the excess purchase consideration of these
acquisitions to the fair value of the net assets acquired resulted
in identifiable intangibles of $1,851 consisting primarily of
customer lists and a covenant not to compete, and goodwill of
$2,426 representing the value of the assembled workforce. The
identified intangibles will be amortized up to a seven-year period
in a manner represented by the pattern in which the economic
benefits of the customer contracts/relationships are realized. In
addition, the Company has recorded $710, the present value of
redeemable noncontrolling interests in relation to Communifx. The
Communifx acquisition has put/call rights that could increase the
Company&amp;#x2019;s ownership to 100% in 2013. In relation to the step
up acquisitions, the Company recorded an entry to reduce Redeemable
Noncontrolling Interests by $1,116. The amount paid to the employee
over fair value, $608, was recorded as a stock-based compensation
charge. The Company recorded a reduction of additional paid-in
capital of $1,623 representing the difference between the fair
value of the shares and the value of the Redeemable Noncontrolling
Interests. The amounts paid and to be paid will be tax
deductible.&lt;/p&gt;
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2009 Acquisitions&lt;/h3&gt;
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In December 2009, the Company paid an additional $38,974 pursuant
to the CPB purchase agreement originally entered into in November
2008 with the founders of Crispin Porter &amp;amp; Bogusky LLC
(&amp;#x201C;CPB&amp;#x201D;). In connection with this transaction, the
Company recorded $14,067 as deferred acquisition consideration,
$1,450 was paid in January 2010, $433 was reversed as an adjustment
and the balance was paid in April 2010. This purchase price payment
was pursuant to an accelerated exercise of a call option that was
exercised by the Company in November 2008 (the Company increased
its ownership from 77% to 94%). Because CPB was originally
consolidated as a VIE, the Company reduced Redeemable
Noncontrolling Interests by $17,809. The Company recorded
additional goodwill of $31,253 and identifiable intangible backlog
of $3,979. The amount recorded related to the 17% step up from
November 2008. The backlog was amortized over one month. In
addition, the Company recorded a stock-based charge of $3,074 for
amounts paid by the former shareholder to CPB employees. The
Goodwill will be tax deductible.&lt;/p&gt;
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On December 31, 2009, the Company acquired an additional 3%
interest in VitroRobertson increasing its holdings from 79% to 82%.
The purchase price totaled $845 and was paid in cash. The Company
recorded an entry to reduce Redeemable Noncontrolling Interests by
$266. The amount paid over fair value, $370, was recorded as a
stock-based compensation charge. The Company recorded a reduction
of additional paid-in capital of $209 representing the difference
between the fair value of the shares and the value of the
Redeemable Noncontrolling Interests. As this purchase was pursuant
to the exercise of an existing put/call option, no additional
intangibles have been recorded. The Goodwill will be tax
deductible.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On December 1, 2009, the Company agreed to make an early payment to
KBP Management Partners LLC originally due in March 2010 pursuant
to the purchase agreement entered into in November 2007. The
additional payment totaled $14,870, of which $10,140 was paid in
cash in December 2009 and $4,215 was paid in March 2010 with the
balance potentially due in March 2011, recorded as deferred
acquisition consideration. This additional payment was accounted
for as additional goodwill. In addition, pursuant to an existing
phantom stock arrangement, a stock-based compensation charge of
$3,028 has been recorded for amounts paid by KBP Management
Partners to phantom equity holders. The Goodwill will be tax
deductible.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On October 5, 2009, the Company purchased the remaining 6%
outstanding interest in CPB for an estimated fixed and contingent
purchase price. The estimated purchase price of $9,818 is included
in deferred acquisition consideration and includes $518 of fixed
payments to be paid in 2013. The Company recorded a reduction of
$8,596 to Redeemable Noncontrolling Interests and $704 to
additional paid in capital. The fixed payments of $518 are
allocated to identifiable intangibles and will be amortized over 3
years.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On August 31, 2009, the Company, through HL Group Partners LLC
(&amp;#x201C;HL Group&amp;#x201D;), acquired a 51% interest in Attention
Partners LLC (&amp;#x201C;Attention&amp;#x201D;), a social media agency that
further expands HL Group&amp;#x2019;s business capabilities. At closing,
the HL Group paid $1,000 and made a capital contribution of $400 to
Attention. In addition, HL Group recorded estimated contingent
payments totaling $1,313 due in 2010 and 2011 as deferred
acquisition consideration. During 2010, the Company paid $1,022 and
recorded adjustments of $113 to increase the deferred acquisition
consideration to $404 with the balance potentially due in March
2011. This was paid in 2011. The allocation of the excess purchase
consideration of this acquisition to the fair value of the net
assets acquired resulted in identifiable intangibles of $544
(consisting of primarily of customer lists and a covenant not to
compete) and goodwill of $3,057 representing the value of the
assembled workforce. The fair value of the noncontrolling interests
not acquired at the acquisition date was $2,431 based on the
Company&amp;#x2019;s evaluation of the Company being acquired, the
purchase price paid by the Company. The identified intangibles will
be amortized up to a three-year period in a manner represented by
the pattern in which the economic benefits of the customer
contracts/relationships are realized. The intangibles and goodwill
are tax deductible.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On July 1, 2009, the Company, through Crispin Porter &amp;amp; Bogusky
LLC (&amp;#x201C;CPB&amp;#x201D;), acquired 100% of the preferred shares and
52% of the common shares of Crispin Porter &amp;amp; Bogusky Europe AB
(formerly known as &amp;#x201C;daddy&amp;#x201D;), a digital agency based in
Sweden that has created a foothold in Europe for CPB. At closing,
CPB paid $3,052 plus an additional $50 deferred payment. Also in
December 2009, CPB called an additional 24% and made a payment of
80% of the purchase price of $188. An additional amount of $50 is
recorded as deferred acquisition consideration. The Company has
additional calls and the noncontrolling owners have reciprocal puts
on the remaining 24% of the common shares, which are exercisable
beginning January 2012. The current estimated cost of these puts
and calls is approximately $6,600 and has been recorded as
Redeemable Noncontrolling Interests. The allocation of the excess
purchase consideration of this acquisition to the fair value of the
net assets acquired resulted in identifiable intangibles of $650
(consisting primarily of customer lists and a covenant not to
compete) and goodwill of $8,533 representing the value of the
assembled workforce. The identified intangibles will be amortized
up to a three-year period in a manner represented by the pattern in
which the economic benefits of the customer contracts/relationships
are realized. The intangibles and goodwill are not tax deductible.
Accordingly, CPB recorded a deferred tax liability of $221
representing the future tax benefits relating to the amortization
of the identified intangibles.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Effective January 22, 2009, the Company acquired an additional 8.9%
of equity interests in HL Group, thereby increasing MDC&amp;#x2019;s
ownership to 64.9%. The purchase price totaled $1,100 and was paid
in cash at closing. The Company recorded an entry to reduce
Redeemable Noncontrolling Interests, as this purchase was pursuant
to the early exercise of an existing put/call option. Accordingly,
no additional intangibles have been recorded. However, the amount
of the purchase price will be tax deductible.&lt;/p&gt;
&lt;h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
Noncontrolling Interests&lt;/h3&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Changes in the Company&amp;#x2019;s ownership interests in our less than
100% owned subsidiaries during the three years ended December 31,
2011 were as follows:&lt;/p&gt;
&lt;h1 style="TEXT-ALIGN: center; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 9pt"&gt;
Net Loss Attributable to MDC Partners Inc. and&lt;br /&gt;
Transfers (to) from the Noncontrolling Interest&lt;/h1&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11"&gt;Year Ended December 31,&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Net Loss attributable to MDC Partners Inc.&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(84,674&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(15,440&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(18,324&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Transfers (to) from the noncontrolling interest&lt;br /&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Decrease in MDC Partners Inc. paid-in capital for purchase of
equity interests in excess of Redeemable Noncontrolling
Interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(6,328&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,761&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(923&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Increase (Decrease) in MDC Partners Inc. paid in capital from
issuance of equity interests&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(1,147&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
158&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#x2014;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Net transfers to noncontrolling interest&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,475&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,603&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(923&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Change from net loss attributable to MDC Partners Inc. and
transfers to noncontrolling interest&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(92,149&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(23,043&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(19,247&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">213000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" xsi:nil="true" />
  <us-gaap:PaymentsOfDividends contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">16436000</us-gaap:PaymentsOfDividends>
  <us-gaap:ProceedsFromSaleOfProductiveAssets contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">22000</us-gaap:ProceedsFromSaleOfProductiveAssets>
  <us-gaap:ProceedsFromRepaymentsOfLinesOfCredit contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">38032000</us-gaap:ProceedsFromRepaymentsOfLinesOfCredit>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
16. Related Party Transactions&lt;/h2&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 1px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 20px"&gt;(a)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;The Company incurred fees and paid
cash incentive awards totaling $3,375, $1,343 and $3,495 in 2011,
2010 and 2009, respectively, relating to companies controlled by
the Chairman and Chief Executive Officer (&amp;#x201C;CEO&amp;#x201D;) of the
Company in respect of services rendered pursuant to a management
services agreement and incentive plans.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
On April 27, 2007, the Company entered into a new Management
Services Agreement (the &amp;#x201C;Services Agreement&amp;#x201D;) with
Miles Nadal and with Nadal Management, Inc. to set forth the terms
and conditions on which Mr. Nadal continues to provide services to
the Company as its Chief Executive Officer. The Services Agreement
has a three-year term with automatic one-year extensions. Pursuant
to the Services Agreement, the annual base compensation for Mr.
Nadal&amp;#x2019;s services was increased to $1,500, effective April 27,
2010. The Services Agreement also provides for an annual bonus with
a targeted payout of up to 250% of the base compensation. The
Company also makes an annual cash payment of $500 in respect of
retirement benefits, employee health benefits and perquisites. In
addition, in the discretion of the Compensation Committee, the
Company may grant long term equity incentives with a grant-date
value of up to 300% of the then current base retainer. In addition
during 2011, 2010 and 2009, in accordance with the Services
Agreement, Mr. Nadal repaid to the Company an additional $102, $95
and $95, respectively, of loans due to the Company.&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 1px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 20px"&gt;(b)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Pursuant to the amended Services
Agreement, the Company agreed to provide to its CEO, Miles S. Nadal
a special bonus of C$10,000 ($10,088) upon the first to occur of
(i) the average market price of the Company&amp;#x2019;s Class A
subordinate voting shares is C$30 ($30) per share or more for more
than 20 consecutive trading days (measured as of the close of
trading on each applicable date) or (ii) a change of control of the
Company. This bonus is payable until the date that is three years
after the date on which Mr. Nadal is no longer employed by the
Company for any reason. The after-tax proceeds of such bonus are to
be applied first as repayment of any outstanding loans due to the
Company from this officer and his related companies in the amount
of C$5,953 (US$5,853), as at December 31, 2011, which has been
reserved for in the Company&amp;#x2019;s accounts. These loans have no
stated maturity date.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 1px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 20px"&gt;(c)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;In 2000, the Company purchased
1,600,000 shares in Trapeze Media Limited (&amp;#x201C;Trapeze&amp;#x201D;)
for $215. At the same time, the Company&amp;#x2019;s CEO purchased
4,280,000 shares of Trapeze for $576, the Company&amp;#x2019;s former
Chief Financial Officer and a Managing Director of the Company each
purchased 50,000 Trapeze shares for $7 and a Board Member of the
Company purchased 75,000 shares of Trapeze for $10. In 2001, the
Company purchased an additional 1,250,000 shares for $161, and the
Company&amp;#x2019;s CEO purchased 500,000 shares for $64. In 2002, the
Company&amp;#x2019;s CEO purchased 3,691,930 shares of Trapeze for $470.
All of these purchases were made at identical prices (C$.20/share).
In 2003, the Company and the CEO exchanged their units in Trapeze
for non-voting shares and entered into a voting trust
agreement.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
During 2010 and 2009, Trapeze provided services to certain
subsidiaries, the total amount of such services provided were $70
and $105, respectively. In addition, in 2011, 2010 and 2009, a
subsidiary provided Trapeze with $390, $300 and $304 of services,
respectively. Trapeze did not provide any services to MDC or its
subsidiaries in 2011.&lt;/p&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">219271000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:NotesIssued1 contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1098000</us-gaap:NotesIssued1>
  <us-gaap:IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1954000</us-gaap:IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet>
  <us-gaap:AmortizationOfFinancingCostsAndDiscounts contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2175000</us-gaap:AmortizationOfFinancingCostsAndDiscounts>
  <us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
14. Gain on Sale of Assets and Other&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The gain on sale of assets and other for the years ended December
31 were as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2011&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;2009&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Other income (expense)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;191&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;364&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;(38&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Gain (loss) on disposition of assets&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(75&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(53&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
116&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
381&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(91&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock>
  <us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">6790000</us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">23299000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-1361000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax>
  <us-gaap:CostOfServices contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">674460000</us-gaap:CostOfServices>
  <us-gaap:CommitmentsContingenciesAndGuaranteesTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
17. Commitments, Contingencies and Guarantees&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Deferred Acquisition Consideration.&lt;/i&gt;&amp;#xA0;&amp;#xA0;In addition
to the consideration paid by the Company in respect of certain of
its acquisitions at closing, additional consideration may be
payable, or may be potentially payable based on the achievement of
certain threshold levels of earnings. See Note 2 and Note 4.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Put Options.&lt;/i&gt;&amp;#xA0;&amp;#xA0;Owners of interests in certain
subsidiaries have the right in certain circumstances to require the
Company to acquire either a portion of or all of the remaining
ownership interests held by them. The owners&amp;#x2019; ability to
exercise any such &amp;#x201C;put option&amp;#x201D; right is subject to the
satisfaction of certain conditions, including conditions requiring
notice in advance of exercise. In addition, these rights cannot be
exercised prior to specified staggered exercise dates. The exercise
of these rights at their earliest contractual date would result in
obligations of the Company to fund the related amounts during the
period 2011 to 2018. It is not determinable, at this time, if or
when the owners of these rights will exercise all or a portion of
these rights.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
The amount payable by the Company in the event such rights are
exercised is dependent on various valuation formulas and on future
events, such as the average earnings of the relevant subsidiary
through the date of exercise, the growth rate of the earnings of
the relevant subsidiary during that period, and, in some cases, the
currency exchange rate at the date of payment.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Management estimates, assuming that the subsidiaries owned by the
Company at December 31, 2011, perform over the relevant future
periods at their 2011 earnings levels, that these rights, if all
exercised, could require the Company, in future periods, to pay an
aggregate amount of approximately $29,040 to the owners of such
rights to acquire such ownership interests in the relevant
subsidiaries. Of this amount, the Company is entitled, at its
option, to fund approximately $3,644 by the issuance of share
capital. In addition, the Company is obligated under similar put
option rights to pay an aggregate amount of approximately $88,096
only upon termination of such owner&amp;#x2019;s employment with the
applicable subsidiary or death (including $9,707 that are within
the Company&amp;#x2019;s control). The ultimate amount payable relating
to these transactions will vary because it is dependent on the
future results of operations of the subject businesses and the
timing of when and if these rights are exercised. The aggregate
amount of these options is $117,136, of which $107,429 has been
recorded on the balance sheet at December 31, 2011 and is included
in Redeemable Noncontrolling Interests.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Natural Disasters&lt;/i&gt;.&amp;#xA0;&amp;#xA0;Certain of the Company&amp;#x2019;s
operations are located in regions of the United States and
Caribbean which typically are subject to hurricanes. During the
year ended December 31, 2011, 2010 and 2009, these operations did
not incur any costs related to damages resulting from
hurricanes.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Guarantees&lt;/i&gt;.&amp;#xA0;&amp;#xA0;In connection with certain
dispositions of assets and/or businesses in 2001 and 2003, the
Company has provided customary representations and warranties whose
terms range in duration and may not be explicitly defined. The
Company has also retained certain liabilities for events occurring
prior to sale, relating to tax, environmental, litigation and other
matters. Generally, the Company has indemnified the purchasers in
the event that a third party asserts a claim against the purchaser
that relates to a liability retained by the Company. These types of
indemnification guarantees typically extend for a number of
years.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
In connection with the sale of the Company&amp;#x2019;s investment in
CDI, the amounts of indemnification guarantees were limited to the
total sale price of approximately $84,000. For the remainder, the
Company&amp;#x2019;s potential liability for these indemnifications are
not subject to a limit as the underlying agreements do not always
specify a maximum amount and the amounts are dependent upon the
outcome of future contingent events.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Historically, the Company has not made any significant
indemnification payments under such agreements and no amount has
been accrued in the accompanying consolidated financial statements
with respect to these indemnification guarantees. The Company
continues to monitor the conditions that are subject to guarantees
and indemnifications to identify whether it is probable that a loss
has occurred, and would recognize any such losses under any
guarantees or indemnifications in the period when those losses are
probable and estimable.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
For guarantees and indemnifications entered into after January 1,
2003, in connection with the sale of the Company&amp;#x2019;s investment
in CDI, the Company has estimated the fair value of its liability,
which was insignificant.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Legal Proceedings.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company&amp;#x2019;s operating
entities are involved in legal proceedings of various types. While
any litigation contains an element of uncertainty, the Company has
no reason to believe that the outcome of such proceedings or claims
will have a material adverse effect on the financial condition or
results of operations of the Company.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Commitments.&lt;/i&gt;&amp;#xA0;&amp;#xA0;At December 31, 2011, the Company
has $5,830 of undrawn outstanding letters of credit. In addition,
the Company has commitments to fund investments in an aggregate
amount of $3,900.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;i&gt;Leases.&lt;/i&gt;&amp;#xA0;&amp;#xA0;The Company and its subsidiaries lease
certain facilities and equipment. Gross premises rental expense
amounted to $26,953 for 2011, $18,334 for 2010 and $16,004 for
2009, which was reduced by sublease income of $555 in 2011, $277 in
2010 and $59 in 2009. Where leases contain escalation clauses or
other concessions, the impact of such adjustments is recognized on
a straight-line basis over the minimum lease period.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Minimum rental commitments for the rental of office and production
premises and equipment under non-cancellable leases net of sublease
income, some of which provide for rental adjustments due to
increased property taxes and operating costs for 2011 and
thereafter, are as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
Period&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Amount&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2012&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
26,878&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2013&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
25,948&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2014&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
22,161&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2015&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
19,863&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
17,237&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
2017 and thereafter&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
52,114&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
164,201&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011, the total future cash to be received on
sublease income is $8,411.&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsContingenciesAndGuaranteesTextBlock>
  <us-gaap:ProfitLoss contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-76920000</us-gaap:ProfitLoss>
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD_per_shares" decimals="2">-2.91</us-gaap:EarningsPerShareBasicAndDiluted>
  <mdca:DistributionsFromEquityInvestments contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">4584000</mdca:DistributionsFromEquityInvestments>
  <mdca:StockIssuedAcquisitionTransaction contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" xsi:nil="true" />
  <mdca:IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-8259000</mdca:IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities>
  <mdca:IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-75772000</mdca:IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries>
  <mdca:AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock contextRef="eol_PE11433---1110-K0008_STD_365_20111231_0">&lt;div&gt;
&lt;h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt"&gt;
6. Accrued and Other Liabilities&lt;/h2&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
At December 31, 2011 and 2010, accrued and other liabilities
included amounts due to noncontrolling interest holders, for their
share of profits, which will be distributed within the next twelve
months of $4,049 and $8,577, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
Changes in noncontrolling interest amounts included in accrued and
other liabilities for the three years ended December 31, 2011 were
as follows:&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt"&gt;
&lt;/p&gt;
&lt;div style="TEXT-ALIGN: center"&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554"&gt;
&lt;tr&gt;
&lt;td&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td colspan="3"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold"&gt;
&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"&gt;Noncontrolling&lt;br /&gt;
Interests&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2008&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,856&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Income attributable to noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
5,566&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Distributions made&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,784&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Other&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
1,420&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,058&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Income attributable to noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
10,074&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Distributions made&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(7,685&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Other&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
2,130&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
8,577&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Income attributable to noncontrolling interests&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
7,754&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Distributions made&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(12,264&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom"&gt;
Other&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
(18&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
)&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"&gt;
Balance, December 31, 2011&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- GUTTER --&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- $ --&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom"&gt;
4,049&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom"&gt;
&lt;!-- PERCENT --&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="TEXT-ALIGN: left; TEXT-INDENT: 1px"&gt;&lt;/p&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 1px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 20px"&gt;(1)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Other consists primarily of an
adjustment of stock based compensation charges to additional
paid-in capital relating to obligations assumed by the
non-controlling shareholders and cumulative translation
adjustments.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 1px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 20px"&gt;(2)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Other consists primarily of an
adjustment to record distributions to be made as a result of an
acquired company and cumulative translation adjustments.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"&gt;
&lt;td style="WIDTH: 1px"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 20px"&gt;(3)&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;Other consists primarily of cumulative
translation adjustments.&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;</mdca:AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock>
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      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:href="mdca-20111231_lab.xml" xlink:title="Label Links, all"/>
      <link:linkbaseRef xlink:type="simple" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:href="mdca-20111231_pre.xml" xlink:title="Presentation Links, all"/>
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <import namespace="http://fasb.org/us-types/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-types-2011-01-31.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/country/2011-01-31" schemaLocation="http://xbrl.sec.gov/country/2011/country-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
  <import namespace="http://xbrl.sec.gov/invest/2011-01-31" schemaLocation="http://xbrl.sec.gov/invest/2011/invest-2011-01-31.xsd"/>
  <element name="AccruedExpensesAndOtherCurrentLiabilities" id="mdca_AccruedExpensesAndOtherCurrentLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" id="mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice" id="mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="AdoptionOfAndChangesInTemporaryEquity" id="mdca_AdoptionOfAndChangesInTemporaryEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="ChargesInExcessOfCapital" id="mdca_ChargesInExcessOfCapital" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CommonStockIssuableMember" id="mdca_CommonStockIssuableMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CommonStockIssuableSharesIssuable" id="mdca_CommonStockIssuableSharesIssuable" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="CommonStockIssuableSharesValue" id="mdca_CommonStockIssuableSharesValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DistributionsFromEquityInvestments" id="mdca_DistributionsFromEquityInvestments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="DocumentDocumentandEntityInformationAbstract" id="mdca_DocumentDocumentandEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="ExpendituresBillableCurrent" id="mdca_ExpendituresBillableCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries" id="mdca_IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities" id="mdca_IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="MinorityInterestIncreaseFromStockSubscription" id="mdca_MinorityInterestIncreaseFromStockSubscription" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="NotesToFinancialStatementsAbstract" id="mdca_NotesToFinancialStatementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="OtherChangesStockholdersEquityMember" id="mdca_OtherChangesStockholdersEquityMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="ReceivableFromParentMember" id="mdca_ReceivableFromParentMember" type="nonnum:domainItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockIssuedAcquisitionTransaction" id="mdca_StockIssuedAcquisitionTransaction" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
  <element name="StockSubscriptionReceipt" id="mdca_StockSubscriptionReceipt" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>16
<FILENAME>mdca-20111231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Calculation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: 9d47c21f-b1da-4555-828f-df068fef51e7 -->
<!-- Creation date: 2012-03-13T20:53:09Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#DocumentDocumentandEntityInformation" roleURI="http://www.mdc-partners.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_StatementOfIncomeAlternative" roleURI="http://www.mdc-partners.com/taxonomy/role/StatementOfIncomeAlternative"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_StatementOfOtherComprehensiveIncome" roleURI="http://www.mdc-partners.com/taxonomy/role/StatementOfOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_StatementOfFinancialPositionClassified" roleURI="http://www.mdc-partners.com/taxonomy/role/StatementOfFinancialPositionClassified"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_StatementOfFinancialPositionClassifiedParen" roleURI="http://www.mdc-partners.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_StatementOfCashFlowsIndirect" roleURI="http://www.mdc-partners.com/taxonomy/role/StatementOfCashFlowsIndirect"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_basi-StatementOfShareholdersEquityAndOtherComprehensiveIncome" roleURI="http://www.mdc-partners.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsOrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsEarningsPerShareTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsPropertyPlantAndEquipmentDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsPropertyPlantAndEquipmentDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsAccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsAccruedExpensesAndOtherLiabilitiesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsFinancialInstrumentsDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsFinancialInstrumentsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsIncomeTaxDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsDisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsDisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsDebtDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsFairValueDisclosuresTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsOtherIncomeAndOtherExpenseDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsOtherIncomeAndOtherExpenseDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsSegmentReportingDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsCommitmentsContingenciesAndGuaranteesTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsCommitmentsContingenciesAndGuaranteesTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsAccountingChangesAndErrorCorrectionsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsQuarterlyFinancialInformationTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsQuarterlyFinancialInformationTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="mdca-20111231.xsd#Role_NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" roleURI="http://www.mdc-partners.com/taxonomy/role/NotesToFinancialStatementsScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.mdc-partners.com/taxonomy/role/DocumentDocumentandEntityInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.mdc-partners.com/taxonomy/role/StatementOfIncomeAlternative">
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="us-gaap_IncomeLossFromContinuingOperations"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries" xlink:label="mdca_IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestAndDebtExpense" xlink:label="us-gaap_InterestAndDebtExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestAndOtherIncome" xlink:label="us-gaap_InterestAndOtherIncome"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingGainsLosses" xlink:label="us-gaap_NonoperatingGainsLosses"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="us-gaap_SalesRevenueServicesNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostOfServices" order="1.0200" weight="1.00" priority="2" use="optional"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>17
<FILENAME>mdca-20111231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Definition Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
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<!-- Round: 9d47c21f-b1da-4555-828f-df068fef51e7 -->
<!-- Creation date: 2012-03-13T20:53:09Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
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</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>18
<FILENAME>mdca-20111231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Labels Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: 9d47c21f-b1da-4555-828f-df068fef51e7 -->
<!-- Creation date: 2012-03-13T20:53:09Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts Payable Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
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    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_AccruedExpensesAndOtherCurrentLiabilities" xlink:label="mdca_AccruedExpensesAndOtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_AccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US">Accrued expenses and other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_AccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US">Accrued Expenses And Other Current Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_AccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US">Accrued and other liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_AccruedExpensesAndOtherCurrentLiabilities" xlink:to="mdca_AccruedExpensesAndOtherCurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" xlink:label="mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">Discloses the breakout of accrued expenses and other liabilities that are not individually material for a separate caption on the statement of financial position between the current portion (payable within 12 months of year end or the operating cycle) and non-current (payable after 12 months from year end).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">Accrued Expenses And Other Liabilities Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">Accrued and Other Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" xlink:to="mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income Loss Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US">Accumulated other comprehensive loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AcquisitionMember" xlink:label="us-gaap_AcquisitionMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AcquisitionMember_lbl" xml:lang="en-US">Acquisition [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AcquisitionMember_lbl" xml:lang="en-US">Acquisition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AcquisitionMember" xlink:to="us-gaap_AcquisitionMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional Paid In Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid In Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-In Capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice" xlink:label="mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice_lbl" xml:lang="en-US">Adjustments to additional paid in capital business acquisition purchase price.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice_lbl" xml:lang="en-US">Adjustments To Additional Paid In Capital Business Acquisition Purchase Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice_lbl" xml:lang="en-US">Acquisition purchase price adjustments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice" xlink:to="mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US">Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US">Dividends paid and to be paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xml:lang="en-US">Adjustments To Additional Paid In Capital Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xml:lang="en-US">Transfer to/from charges in excess of capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US">Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US">Stock-based compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile loss from continuing operations to cash provided by operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_AdoptionOfAndChangesInTemporaryEquity" xlink:label="mdca_AdoptionOfAndChangesInTemporaryEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_AdoptionOfAndChangesInTemporaryEquity_lbl" xml:lang="en-US">Reclassification to Redeemable Noncontrolling interest for adoption of accounting principle.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_AdoptionOfAndChangesInTemporaryEquity_lbl" xml:lang="en-US">Adoption Of And Changes In Temporary Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_AdoptionOfAndChangesInTemporaryEquity_lbl" xml:lang="en-US">Reclassification related to redeemable noncontrolling interests (Note 2)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_AdoptionOfAndChangesInTemporaryEquity" xlink:to="mdca_AdoptionOfAndChangesInTemporaryEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Allowance For Doubtful Accounts Receivable Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Accounts receivable, allowance for doubtful accounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfAcquisitionCosts" xlink:label="us-gaap_AmortizationOfAcquisitionCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfAcquisitionCosts_lbl" xml:lang="en-US">Amortization Of Acquisition Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfAcquisitionCosts_lbl" xml:lang="en-US">Adjustment to deferred acquisition consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfAcquisitionCosts" xlink:to="us-gaap_AmortizationOfAcquisitionCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US">Amortization Of Financing Costs And Discounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US">Amortization of deferred finance charges and debt discount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets" xlink:label="us-gaap_AmortizationOfIntangibleAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization Of Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization primarily from intangibles</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="us-gaap_AmortizationOfIntangibleAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Assets Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total Current Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Assets Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current Assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent" xlink:label="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent_lbl" xml:lang="en-US">Business Acquisition Contingent Consideration At Fair Value Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent_lbl" xml:lang="en-US">Deferred acquisition consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent" xlink:to="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent" xlink:label="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent_lbl" xml:lang="en-US">Business Acquisition Contingent Consideration At Fair Value Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent_lbl" xml:lang="en-US">Long-term portion of deferred acquisition consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent" xlink:to="us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xml:lang="en-US">Business Combination Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xml:lang="en-US">Acquisitions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationDisclosureTextBlock" xlink:to="us-gaap_BusinessCombinationDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CapitalLeaseObligationsIncurred" xlink:label="us-gaap_CapitalLeaseObligationsIncurred"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligationsIncurred_lbl" xml:lang="en-US">Capital Lease Obligations Incurred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeaseObligationsIncurred_lbl" xml:lang="en-US">Capital leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligationsIncurred" xlink:to="us-gaap_CapitalLeaseObligationsIncurred_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash And Cash Equivalents At Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at end of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Cash And Cash Equivalents Period Increase Decrease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">(Decrease) increase in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Cash Flow Noncash Investing And Financing Activities Disclosure [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Non-cash transactions:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Cash Provided By Used In Financing Activities Discontinued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Discontinued operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Cash Provided By Used In Investing Activities Discontinued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Discontinued operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Cash Provided By Used In Operating Activities Discontinued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_lbl" xml:lang="en-US">Discontinued operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_ChargesInExcessOfCapital" xlink:label="mdca_ChargesInExcessOfCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_ChargesInExcessOfCapital_lbl" xml:lang="en-US">Charges In Excess Of Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_ChargesInExcessOfCapital_lbl" xml:lang="en-US">Charges In Excess Of Capital</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="mdca_ChargesInExcessOfCapital_lbl" xml:lang="en-US">Charges in excess of capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_ChargesInExcessOfCapital" xlink:to="mdca_ChargesInExcessOfCapital_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class Of Stock [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments And Contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments, Contingencies and Guarantees (Note 17)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock" xlink:label="us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock_lbl" xml:lang="en-US">Commitments Contingencies And Guarantees [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock_lbl" xml:lang="en-US">Commitments, Contingencies and Guarantees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock" xlink:to="us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="us-gaap_CommonClassAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassAMember_lbl" xml:lang="en-US">Common Class A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonClassAMember_lbl" xml:lang="en-US">Class A Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassAMember" xlink:to="us-gaap_CommonClassAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="us-gaap_CommonClassBMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonClassBMember_lbl" xml:lang="en-US">Common Class B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonClassBMember_lbl" xml:lang="en-US">Class B Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonClassBMember" xlink:to="us-gaap_CommonClassBMember_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_CommonStockIssuableMember" xlink:label="mdca_CommonStockIssuableMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_CommonStockIssuableMember_lbl" xml:lang="en-US">Common Stock Issuable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_CommonStockIssuableMember_lbl" xml:lang="en-US">Common Stock Issuable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_CommonStockIssuableMember_lbl" xml:lang="en-US">Share Capital to Be Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_CommonStockIssuableMember" xlink:to="mdca_CommonStockIssuableMember_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_CommonStockIssuableSharesIssuable" xlink:label="mdca_CommonStockIssuableSharesIssuable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_CommonStockIssuableSharesIssuable_lbl" xml:lang="en-US">Common Stock Issuable Shares, Issuable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_CommonStockIssuableSharesIssuable_lbl" xml:lang="en-US">Common Stock Issuable Shares Issuable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_CommonStockIssuableSharesIssuable_lbl" xml:lang="en-US">Shares to be issued, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_CommonStockIssuableSharesIssuable" xlink:to="mdca_CommonStockIssuableSharesIssuable_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_CommonStockIssuableSharesValue" xlink:label="mdca_CommonStockIssuableSharesValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_CommonStockIssuableSharesValue_lbl" xml:lang="en-US">Common Stock Issuable Shares, Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_CommonStockIssuableSharesValue_lbl" xml:lang="en-US">Common Stock Issuable Shares Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_CommonStockIssuableSharesValue_lbl" xml:lang="en-US">Shares to be issued, 28,000 shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_CommonStockIssuableSharesValue" xlink:to="mdca_CommonStockIssuableSharesValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockNoParValue" xlink:label="us-gaap_CommonStockNoParValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockNoParValue_lbl" xml:lang="en-US">Common Stock No Par Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockNoParValue_lbl" xml:lang="en-US">Common stock, no par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockNoParValue" xlink:to="us-gaap_CommonStockNoParValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock Shares Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive Income Net Of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive loss attributable to MDC Partners Inc.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAbstract" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAbstract_lbl" xml:lang="en-US">Comprehensive Income Net Of Tax [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAbstract_lbl" xml:lang="en-US">Comprehensive Loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxAbstract" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Long Term Debt Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Current portion of long-term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long Term Debt Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Minority Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Noncontrolling Interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestChangeInRedemptionValue" xlink:label="us-gaap_MinorityInterestChangeInRedemptionValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestChangeInRedemptionValue_lbl" xml:lang="en-US">Minority Interest Change In Redemption Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestChangeInRedemptionValue_lbl" xml:lang="en-US">Changes in redemption value of redeemable noncontrolling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestChangeInRedemptionValue" xlink:to="us-gaap_MinorityInterestChangeInRedemptionValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xml:lang="en-US">Minority Interest Decrease From Redemptions</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xml:lang="en-US">Decrease in noncontrolling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:to="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MinorityInterestIncreaseFromStockIssuance" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl" xml:lang="en-US">Minority Interest Increase From Stock Issuance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl" xml:lang="en-US">Issuance of redeemable noncontrolling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestIncreaseFromStockIssuance" xlink:to="us-gaap_MinorityInterestIncreaseFromStockIssuance_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_MinorityInterestIncreaseFromStockSubscription" xlink:label="mdca_MinorityInterestIncreaseFromStockSubscription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_MinorityInterestIncreaseFromStockSubscription_lbl" xml:lang="en-US">Minority Interest Increase From Stock Subscription</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_MinorityInterestIncreaseFromStockSubscription_lbl" xml:lang="en-US">Minority Interest Increase From Stock Subscription</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_MinorityInterestIncreaseFromStockSubscription_lbl" xml:lang="en-US">Increase in noncontrolling interests from business combinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_MinorityInterestIncreaseFromStockSubscription" xlink:to="mdca_MinorityInterestIncreaseFromStockSubscription_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided by financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net Cash Provided By Used In Financing Activities Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Cash flows provided by continuing financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net Cash Provided By Used In Investing Activities Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Cash flows used in continuing investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net Cash Provided By Used In Operating Activities Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Cash flows provided by continuing operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net Income Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Income (Loss) for the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss attributable to MDC Partners Inc.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net Income Loss Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net income attributable to the non-controlling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination_lbl" xml:lang="en-US">Noncontrolling Interest Increase From Business Combination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination_lbl" xml:lang="en-US">Increase in noncontrolling interest from acquisition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination" xlink:to="us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling Interest [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingGainsLosses" xlink:label="us-gaap_NonoperatingGainsLosses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingGainsLosses_lbl" xml:lang="en-US">Nonoperating Gains Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonoperatingGainsLosses_lbl" xml:lang="en-US">Gain (loss) on sale of assets and other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingGainsLosses" xlink:to="us-gaap_NonoperatingGainsLosses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Nonoperating Income Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Nonoperating Income (Expense), Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Nonoperating Income Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other Income (Expenses)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesIssued1" xlink:label="us-gaap_NotesIssued1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesIssued1_lbl" xml:lang="en-US">Notes Issued 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesIssued1_lbl" xml:lang="en-US">Note receivable exchanged for shares of subsidiary</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesIssued1" xlink:to="us-gaap_NotesIssued1_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_NotesToFinancialStatementsAbstract" xlink:label="mdca_NotesToFinancialStatementsAbstract"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred Stock Value</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfNotesPayable_lbl" xml:lang="en-US">Proceeds From Repayments Of Notes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromRepaymentsOfNotesPayable_lbl" xml:lang="en-US">Repayment of term loans</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleOfProductiveAssets" xlink:label="us-gaap_ProceedsFromSaleOfProductiveAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl" xml:lang="en-US">Proceeds From Sale Of Productive Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl" xml:lang="en-US">Proceeds from sale of assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfProductiveAssets" xlink:to="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds From Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds from exercise of options</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Profit Loss</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Property Plant And Equipment Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Fixed Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property Plant And Equipment Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Fixed assets, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xml:lang="en-US">Quarterly Results of Operations (Unaudited) (Restated for Discontinued Operations)</label>
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    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_ReceivableFromParentMember" xlink:label="mdca_ReceivableFromParentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_ReceivableFromParentMember_lbl" xml:lang="en-US">Receivable From Parent - Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_ReceivableFromParentMember_lbl" xml:lang="en-US">Receivable From Parent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_ReceivableFromParentMember_lbl" xml:lang="en-US">Stock Subscription Receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_ReceivableFromParentMember" xlink:to="mdca_ReceivableFromParentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock" xlink:label="us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock_lbl" xml:lang="en-US">Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock_lbl" xml:lang="en-US">Stock subscription receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock" xlink:to="us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfConvertibleDebt" xlink:label="us-gaap_RepaymentsOfConvertibleDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfConvertibleDebt_lbl" xml:lang="en-US">Repayments Of Convertible Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RepaymentsOfConvertibleDebt_lbl" xml:lang="en-US">Repayment of convertible debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfConvertibleDebt" xlink:to="us-gaap_RepaymentsOfConvertibleDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments Of Long Term Debt</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayment of long-term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings Accumulated Deficit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Accumulated Deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">Revenues [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">Revenue:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="us-gaap_SalesRevenueServicesNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueServicesNet_lbl" xml:lang="en-US">Sales Revenue Services Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SalesRevenueServicesNet_lbl" xml:lang="en-US">Services</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueServicesNet" xlink:to="us-gaap_SalesRevenueServicesNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="us-gaap_ScenarioUnspecifiedDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US">Scenario Unspecified [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US">Scenario, Unspecified [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsByReportLineAxis" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsByReportLineAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsByReportLineAxis_lbl" xml:lang="en-US">Schedule Of Employee Service Share Based Compensation Allocation Of Recognized Period Costs By Report Line [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsByReportLineAxis_lbl" xml:lang="en-US">Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs, by Report Line [Axis]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl" xml:lang="en-US">SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:to="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Segment Information</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share Based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Non-cash stock-based compensation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationAbstract" xlink:label="us-gaap_ShareBasedCompensationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationAbstract_lbl" xml:lang="en-US">Share Based Compensation [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationAbstract_lbl" xml:lang="en-US">Non cash stock based compensation expense is included in the following line items above:</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Shares Outstanding</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Beginning Balance (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Statement Class Of Stock [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement Equity Components [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Statement Of Income And Comprehensive Income [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Statement of Income and Comprehensive Income [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement Of Stockholders Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="us-gaap_StatementScenarioAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">Statement Scenario [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">Statement, Scenario [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">MDC Partners Inc. Shareholders' Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Stockholders Equity Including Portion Attributable To Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Shareholders' Equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Stockholders Equity Note Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Share Capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="us-gaap_StockholdersEquityOther"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityOther_lbl" xml:lang="en-US">Stockholders Equity Other</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_StockholdersEquityOther_lbl" xml:lang="en-US">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityOther" xlink:to="us-gaap_StockholdersEquityOther_lbl"/>
    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_StockIssuedAcquisitionTransaction" xlink:label="mdca_StockIssuedAcquisitionTransaction"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_StockIssuedAcquisitionTransaction_lbl" xml:lang="en-US">The fair value of stock issued for acquisition transactions in noncash financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_StockIssuedAcquisitionTransaction_lbl" xml:lang="en-US">Stock Issued Acquisition Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_StockIssuedAcquisitionTransaction_lbl" xml:lang="en-US">Share capital issued on acquisitions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_StockIssuedAcquisitionTransaction" xlink:to="mdca_StockIssuedAcquisitionTransaction_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl" xml:lang="en-US">Stock Issued During Period Shares Acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl" xml:lang="en-US">Shares issued as acquisition consideration (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:to="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Issuance of restricted stock (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:to="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US">Stock Issued During Period Shares Share Based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US">Stock appreciation rights exercised (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Stock Issued During Period Shares Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Share options exercised (in shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:label="us-gaap_StockIssuedDuringPeriodValueAcquisitions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueAcquisitions_lbl" xml:lang="en-US">Stock Issued During Period Value Acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueAcquisitions_lbl" xml:lang="en-US">Shares issued as acquisition consideration</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:to="us-gaap_StockIssuedDuringPeriodValueAcquisitions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Stock Issued During Period Value Conversion Of Convertible Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Shares converted to Class B shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US">Issuance of restricted stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:to="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US">Stock Issued During Period Value Share Based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US">Stock appreciation rights exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Stock Issued During Period Value Stock Options Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Share options exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xml:lang="en-US">Stock Repurchased And Retired During Period Shares</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xml:lang="en-US">Shares acquired and cancelled (in shares)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xml:lang="en-US">Stock Repurchased And Retired During Period Value</label>
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    <loc xlink:type="locator" xlink:href="mdca-20111231.xsd#mdca_StockSubscriptionReceipt" xlink:label="mdca_StockSubscriptionReceipt"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="mdca_StockSubscriptionReceipt_lbl" xml:lang="en-US">Stock Subscription Receipt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="mdca_StockSubscriptionReceipt_lbl" xml:lang="en-US">Stock Subscription Receipt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="mdca_StockSubscriptionReceipt_lbl" xml:lang="en-US">Receipts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mdca_StockSubscriptionReceipt" xlink:to="mdca_StockSubscriptionReceipt_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosures:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TemporaryEquityCarryingAmount" xlink:label="us-gaap_TemporaryEquityCarryingAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityCarryingAmount_lbl" xml:lang="en-US">Temporary Equity Carrying Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquityCarryingAmount_lbl" xml:lang="en-US">Redeemable Noncontrolling Interests</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmount" xlink:to="us-gaap_TemporaryEquityCarryingAmount_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAndDiluted" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAndDiluted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAndDiluted_lbl" xml:lang="en-US">Weighted Average Number Of Shares Outstanding Basic And Diluted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAndDiluted_lbl" xml:lang="en-US">Basic and diluted</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_lbl" xml:lang="en-US">Weighted Average Number Of Shares Outstanding Diluted Disclosure Items [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_lbl" xml:lang="en-US">Weighted Average Number of Common Shares Outstanding:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_lbl"/>
  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>19
<FILENAME>mdca-20111231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- EDGAR Online I-Metrix Xcelerate Taxonomy Presentation Linkbase, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version: 6.13.8 -->
<!-- Round: 9d47c21f-b1da-4555-828f-df068fef51e7 -->
<!-- Creation date: 2012-03-13T20:53:09Z -->
<!-- Copyright (c) 2005-2011 EDGAR Online, Inc. All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
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18. New Accounting Pronouncements</h2>
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In June 2011, the FASB issued Accounting Standards Update No.
2011-05, Comprehensive Income (Topic 220): Presentation of
Comprehensive Income (&#x201C;ASU 2011-05&#x201D;) Under ASU 2011-05,
an entity will have the option to present comprehensive income on
the income statement or as a separate financial statement. ASU
2011-05 is effective January 1, 2012 and requires retrospective
adoption. The Company has adopted ASU 2011-05 as of December 31,
2011.</p>
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In April 2010, the FASB issues ASU 2010-17, &#x201C;Revenue
Recognition-Milestone Method.&#x201D; ASU 2010-17 provides guidance
on the criteria that should be met for determining whether the
milestone method of revenue recognition is appropriate. A vendor
can recognize consideration that is contingent upon achievement of
a milestone in its entirety as revenue in the period in which the
milestone is achieved only if the milestone meets all criteria to
be considered substantive. The amendments in ASU 2010-17 are
effective on a prospective basis for milestones achieved in fiscal
years, and interim periods within those years, beginning on or
after June 15, 2010. The adoption did not have a material impact on
our financial statements.</p>
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In April 2010, the FASB issued ASU 2010-13,
&#x201C;Compensation&#xA0;&#x2014;&#xA0;Stock Compensation Effect of
Denominating the Exercise Price of a Share-Based Payment Award in
the Currency of the Market in Which the Underlying Equity Security
Trades.&#x201D; ASU 2010-13 provides amendments to clarify that an
employee share-based payment award with an exercise price
denominated in the currency of a market in which a substantial
portion of the entity's equity securities trades should not be
considered to contain a condition that is not a market,
performance, or service condition. Therefore, an entity would not
classify such an award as a liability if it otherwise qualifies as
equity. The amendments in ASU 2010-13 are effective for fiscal
years, and interim periods within those fiscal years, beginning on
or after December 15, 2010. The adoption of this standard did not
have an effect on our results of operation or our financial
position.</p>
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In October 2009, the FASB issued revised guidance on the topic of
Multiple&#xA0;&#x2014;&#xA0;Deliverable Revenue Arrangements. The
revised guidance amends certain accounting for revenue with
multiple deliverables. In particular when vendor specific objective
evidence or third party evidence for deliverables in an arrangement
cannot be determined, the revised guidance allows use of a best
estimate of the selling price to allocate the arrangement
consideration among them. This guidance is effective for the first
quarter of 2011, with early adoption permitted. The adoption did
not have a material impact on our financial statements.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 1.N.Q3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6369664&amp;loc=d3e30840-122693<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6368906&amp;loc=d3e21914-107793<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 154<br><br> -Paragraph 17, 22, 25, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22499-107794<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 1<br><br> -Section N<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22595-107794<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 250<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6801783&amp;loc=d3e22644-107794<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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2. Significant Accounting Policies</h2>
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The Company&#x2019;s significant accounting policies are summarized
as follows:</p>
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<i>Principles of Consolidation.</i>&#xA0;&#xA0;The accompanying
consolidated financial statements include the accounts of MDC
Partners Inc. its domestic and international controlled
subsidiaries. Intercompany balances and transactions have been
eliminated on consolidation.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Use of Estimate.</i>&#xA0;&#xA0;The preparation of financial
statements in conformity with US GAAP requires management to make
estimates and assumptions. These estimates and assumptions affect
the reported amounts of assets and liabilities including goodwill,
intangible assets, valuation allowances for receivables and
deferred tax assets and the reported amounts of revenue and
expenses during the reporting period. The estimates are evaluated
on an ongoing basis and estimates are based on historical
experience, current conditions and various other assumptions
believed to be reasonable under the circumstances. Actual results
could differ from those estimates.</p>
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<i>Fair Value.</i>&#xA0;&#xA0;The Company applies the fair value
measurement guidance of Codification Topic 820, Fair Value
Measurements and Disclosure for financial assets and liabilities
that are required to be measured at fair value and for nonfinancial
assets and liabilities that are not required to be measured at fair
value on a recurring basis, including goodwill and other
identifiable intangible assets. The measurement of fair value
requires the use of techniques based on observable and unobservable
inputs. Observable inputs reflect market data obtained from
independent sources, while unobservable inputs reflect our market
assumptions. The inputs create the following fair value
hierarchy:</p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">Level 1&#xA0;&#x2014;&#xA0;Quoted
prices for identical instruments in active markets.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">Level 2&#xA0;&#x2014;&#xA0;Quoted
prices for similar instruments in active markets; quoted prices for
identical or similar instruments in markets that are not active;
and model-derived valuations where inputs are observable or where
significant value drivers are observable.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">Level 3&#xA0;&#x2014;&#xA0;Instruments
where significant value drivers are unobservable to third
parties.</td>
</tr>
</table>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
When available, quoted market prices are used to determine the fair
value of our financial instruments and classify such items in Level
1. In some cases, quoted market prices are used for similar
instruments in active markets and classify such items in Level
2.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Concentration of Credit Risk.</i>&#xA0;&#xA0;The Company
provides marketing communications services to clients who operate
in most industry sectors. Credit is granted to qualified clients in
the ordinary course of business. Due to the diversified nature of
the Company&#x2019;s client base, the Company does not believe that
it is exposed to a concentration of credit risk; however, no client
accounted for more than 10% of the Company&#x2019;s consolidated
accounts receivable as of December 31, 2011 and 2010. No clients
accounted for 10% of revenue in the year ended December 31, 2011
and 2010 and one client accounted for 16% of revenue for the year
ended December 31, 2009.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Cash and Cash Equivalents.</i>&#xA0;&#xA0;The Company&#x2019;s
cash equivalents are primarily comprised of investments in
overnight interest-bearing deposits, commercial paper and money
market instruments and other short-term investments with original
maturity dates of three months or less at the time of purchase. The
Company has a concentration of credit risk in that there are cash
deposits in excess of federally insured amounts. Included in cash
and cash equivalents at December 31, 2011 and 2010 is $46 and $64,
respectively, of cash restricted as to withdrawal pursuant to a
collateral agreement and a customer&#x2019;s contractual
requirement.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Allowance for Doubtful Accounts.</i>&#xA0;&#xA0;Trade
receivables are stated at invoiced amounts less allowances for
doubtful accounts. The allowances represent estimated uncollectible
receivables associated with potential customer defaults usually due
to customers&#x2019; potential insolvency. The allowances include
amounts for certain customers where a risk of default has been
specifically identified. The assessment of the likelihood of
customer defaults is based on various factors, including the length
of time the receivables are past due, historical experience and
existing economic conditions.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Expenditures Billable to Clients.</i>&#xA0;&#xA0;Expenditures
billable to clients consist principally of outside vendors costs
incurred on behalf of clients when providing advertising, marketing
and corporate communications services to clients that have not been
invoiced. Such amounts are invoiced to clients at various times
over the course of the production process.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Fixed Assets.</i>&#xA0;&#xA0;Fixed assets are stated at cost,
net of accumulated depreciation. Computers, furniture and fixtures
are depreciated on a straight-line basis over periods of 3 to 7
years. Leasehold improvements are depreciated on a straight-line
basis over the lesser of the term of the related lease or the
estimated useful life of the asset. Repairs and maintenance costs
are expensed as incurred.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Impairment of Long-lived Assets.</i>&#xA0;&#xA0;In accordance
with the FASB Accounting Standards Codification topic, Accounting
for the Impairment or Disposal of Long-lived Assets, a long-lived
asset or asset group is tested for recoverability whenever events
or changes in circumstances indicate that its carrying amount may
not be recoverable. When such events occur, the Company compares
the sum of the undiscounted cash flows expected to result from the
use and eventual disposition of the asset or asset group to the
carrying amount of the long-lived asset or asset group. If this
comparison indicates that there is an impairment, the amount of the
impairment is typically calculated using discounted expected future
cash flows where observable fair values are not readily
determinable. The discount rate applied to these cash flows is
based on the Company&#x2019;s weighted average cost of capital, risk
adjusted where appropriate.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Equity Method Investments.</i>&#xA0;&#xA0;The equity method is
used to account for investments in entities in which the Company
has an ownership interest of less than 50% and has significant
influence, or joint control by contractual arrangement with all
parties having an equity interest, over the operating and financial
policies of the affiliate or has an ownership interest of greater
than 50% however the substantive participating rights of the
noncontrolling interest shareholders preclude the Company from
exercising unilateral control over the operating and financial
policies of the affiliate. The Company&#x2019;s investments
accounted for using the equity method includes Adrenalina, 49.9%
owned by the Company, and a 50% undivided interest in a real estate
joint venture. In 2010, the Company recorded a distribution of
$3,519 from this real estate joint venture, of which $2,601 was in
excess of the Company&#x2019;s carrying amount and has been recorded
as a gain in equity in earnings of non-consolidated affiliates. The
Company&#x2019;s management periodically evaluates these investments
to determine if there has been a decline in value that is other
than temporary. As of December 31, 2011and 2010, the Company has
written off the amount of its investment in Adrenalina of $39 and
$1,636 representing advances previously made.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Cost Method Investments.</i>&#xA0;&#xA0;The Company&#x2019;s
cost-based investments at December 31, 2011 were primarily
comprised of various interests in limited partnerships and
companies where the Company does not exercise significant influence
over the operating and financial policies of the investee. The
total net cost basis of these investments, which are included in
Other Assets on the balance sheet, as of December 31, 2011 and 2010
was $8,785 and $4,650, respectively. These investments are
periodically evaluated to determine if there have been any other
than temporary declines below book value. A variety of factors are
considered when determining if a decline in fair value below book
value is other than temporary, including, among others, the
financial condition and prospects of the investee, as well as the
Company&#x2019;s investment intent.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Goodwill and Indefinite Lived Intangible.</i>&#xA0;&#xA0;In
accordance with the FASB Accounting Standards Codification topic,
Goodwill and Other Intangible Assets, goodwill and indefinite life
intangible assets (trademarks) acquired as a result of a business
combination which are not subject to amortization are tested for
impairment annually, and more frequently if events and
circumstances indicate that the asset might be impaired. An
impairment loss is recognized to the extent that the carrying
amount exceeds the asset&#x2019;s fair value. For goodwill, this
determination is made at the reporting unit level and consists of
two steps. First, the Company determines the fair value of a
reporting unit and compares it to its carrying amount. Fair value
is determined based on earnings multiples of each subsidiary.
Second, if the carrying amount of a reporting unit exceeds its fair
value, an impairment loss is recognized for any excess of the
carrying amount of the reporting unit&#x2019;s goodwill over the
implied fair value of that goodwill. The implied fair value of
goodwill is determined by allocating the fair value of the
reporting unit in a manner similar to a purchase price allocation,
in accordance with the FASB Accounting Standards Codification
topic, Business Combinations. The residual fair value after this
allocation is the implied fair value of the reporting unit
goodwill.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The fair value of a reporting unit was estimated using a
combination of the income approach, which incorporates the use of
the discounted cash flow method.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has determined that each partner firm that has reported
goodwill will be tested separately as each partner firm qualifies
as a reporting unit under the Accounting Standards Codification
guidance.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Impairment losses, where applicable, will be charged to operating
profit. The Company identifies certain intangible assets
(trademarks) as indefinite life if there are no legal, regulatory,
contractual or economic factors that limit the useful life. If the
carrying amount of an indefinite life intangible exceeds its fair
value, an impairment loss is recognized for the excess. As of
December 31, 2011, there was no impairment of goodwill and no
reporting units were at risk of failing step one of annual
test.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Definite Lived Intangible Assets.</i>&#xA0;&#xA0;In accordance
with the FASB Accounting Standards Codification, acquired
intangibles, are subject to amortization over their useful lives.
The method of amortization selected reflects the pattern in which
the economic benefits of the specific intangible asset is consumed
or otherwise used up. If that pattern cannot be reliably
determined, a straight-line amortization method is used over the
estimated useful life. Intangible assets that are subject to
amortization are reviewed for potential impairment at least
annually or whenever events or circumstances indicate that carrying
amounts may not be recoverable. See also Note 8.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Deferred Taxes.</i>&#xA0;&#xA0;The Company uses the asset and
liability method of accounting for income taxes. Deferred income
taxes are provided for the temporary difference between the
financial reporting basis and tax basis of the Company&#x2019;s
assets and liabilities. Deferred tax benefits result principally
from certain tax carryover benefits and from recording certain
expenses in the financial statements that are not currently
deductible for tax purposes and from differences between the tax
and book basis of assets and liabilities recorded in connection
with acquisitions. Deferred tax assets are reduced by a valuation
allowance when, in the opinion of management, it is more likely
than not that some portion or all of the deferred tax assets will
not be realized. Deferred tax liabilities result principally from
deductions recorded for tax purposes in excess of that recorded in
the financial statements or income for financial statement purposes
in excess of the amount for tax purposes. The effect of changes in
tax rates is recognized in the period the rate change is
enacted.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Business Combinations.</i>&#xA0;&#xA0;Valuation of acquired
companies are based on a number of factors, including specialized
know-how, reputation, competitive position and service offerings.
The Company&#x2019;s acquisition strategy has been focused on
acquiring the expertise of an assembled workforce in order to
continue to build upon the core capabilities of its various
strategic business platforms to better serve the Company&#x2019;s
clients. Consistent with the acquisition strategy and past practice
of acquiring a majority ownership position, most acquisitions
completed in 2011 included an initial payment at the time of
closing and provide for future additional contingent purchase price
payments. Contingent payments for these transactions, as well as
certain acquisitions completed in prior years, are derived using
the performance of the acquired entity and are based on
pre-determined formulas. Contingent purchase price obligations for
acquisitions completed prior to January 1, 2009 are accrued when
the contingency is resolved and payment is certain. Contingent
purchase price obligations related to acquisitions completed
subsequent to December 31, 2010 are recorded as liabilities at
estimated value and are remeasured at each reporting period and
changes in estimated value are recorded in results of operations.
For the year ended December 31, 2011, $12,623 related to changes in
estimated value have been recorded as operating expenses. For the
years ended December 31, 2010 and 2009, $778 and nil, respectively,
related to changes in estimated value have been charged to
operating income. In addition, certain acquisitions also include
put/call obligations for additional equity ownership interests. The
estimated value of these interests are recorded as Redeemable
Noncontrolling Interests. As of January 1, 2009, the Company
expenses acquisition related costs in accordance with the
Accounting Standard&#x2019;s Codification&#x2019;s new guidance on
acquisition accounting. For the year ended December 31, 2011, 2010
and 2009 $3,819, $4,025 and $416, respectively, of acquisition
related costs were charged to operations.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
For each of the Company&#x2019;s acquisitions, we undertake a
detailed review to identify other intangible assets and a valuation
is performed for all such identified assets. We use several market
participant measurements to determine estimated value. This
approach includes consideration of similar and recent transactions,
as well as utilizing discounted expected cash flow methodologies.
Like most service businesses, a substantial portion of the
intangible asset value that we acquire is the specialized know-how
of the workforce, which is treated as part of goodwill and is not
required to be valued separately. The majority of the value of the
identifiable intangible assets acquired is derived from customer
relationships, including the related customer contracts, as well as
trade names. In executing the Company&#x2019;s acquisition strategy,
one of the primary drivers in identifying and executing a specific
transaction is the existence of, or the ability to, expand existing
client relationships. The expected benefits of the Company&#x2019;s
acquisitions are typically shared across multiple agencies and
regions.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Redeemable Noncontrolling Interest.</i>&#xA0;&#xA0;The minority
interest shareholders of certain subsidiaries have the right to
require the Company to acquire their ownership interest under
certain circumstances pursuant to a contractual arrangement and the
Company has similar call options under the same contractual terms.
The amount of consideration under the put and call rights is not a
fixed amount, but rather is dependent upon various valuation
formulas and on future events, such as the average earnings of the
relevant subsidiary through the date of exercise, the growth rate
of the earnings of the relevant subsidiary through the date of
exercise, etc. as described in Note 17.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has recorded its put options as mezzanine equity at
their current estimated redemption amounts. The Company accrues
changes in the redemption amounts over the period from the date of
issuance to the earliest redemption date of the put options. The
Company accounts for the put options with a charge to
noncontrolling interests to reflect the excess, if any, of the
estimated exercise price over the estimated fair value of the
noncontrolling interest shares at the date of the option being
exercised. For the three years ended December 31, 2011, 2010 and
2009, there has been no charges to noncontrolling interests.
Changes in the estimated redemption amounts of the put options are
adjusted at each reporting period with a corresponding adjustment
to equity. These adjustments will not impact the calculation of
earnings per share.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following table presents changes in Redeemable Noncontrolling
Interests.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Years Ended December 31,</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Beginning Balance as of January 1,</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
77,560</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
33,728</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
21,751</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Reclassification related to Redeemable Noncontrolling
Interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
31,653</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Redemptions</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(9,068</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,987</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(28,242</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15,318</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
40,567</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,441</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Changes in redemption value</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
24,532</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10,075</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">58</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Other</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">107</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Currency translation adjustments</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(910</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,177</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,960</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Ending Balance as of December 31,</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
107,432</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
77,560</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
33,728</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Guarantees.</i>&#xA0;&#xA0;Guarantees issued or modified by the
Company to third parties after January 1, 2003 are generally
recognized, at the inception or modification of a guarantee, as a
liability for the obligations it has undertaken in issuing the
guarantee, including its ongoing obligation to stand ready to
perform over the term of the guarantee in the event that the
specified triggering events or conditions occur. The initial
measurement of that liability is the fair value of the guarantee.
The recognition of the liability is required even if it is not
probable that payments will be required under the guarantee. The
Company&#x2019;s liability associated with guarantees is not
significant. (See Note 17.)</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Revenue Recognition.</i>&#xA0;&#xA0;The Company&#x2019;s revenue
recognition policies are as required by the Revenue Recognition
topics of the FASB Accounting Standards Codification, and
accordingly, revenue is generally recognized as services are
provided or upon delivery of the products when ownership and risk
of loss has transferred to the customer, the selling price is fixed
or determinable and collection of the resulting receivable is
reasonably assured. The Company follows the Revenue Arrangements
with Multiple Deliverables topic of the FASB Accounting Standards
Codification issued. This topic addresses certain aspects of the
accounting by a vendor for arrangements under which it will perform
multiple revenue-generating activities and how to determine whether
an arrangement involving multiple deliverables contains more than
one unit of accounting. The Company also follows the topic of the
FASB Accounting Standards Codification. Reporting Revenue Gross as
a Principal versus Net as an Agent. This Issue summarized the
EITF&#x2019;s views on when revenue should be recorded at the gross
amount billed because it has earned revenue from the sale of goods
or services, or the net amount retained because it has earned a fee
or commission. The Company also follows Income Statement
Characterization of Reimbursements Received for Out-of-Pocket
Expenses Incurred, for reimbursements received for out-of-pocket
expenses. This issue summarized the EITF&#x2019;s views that
reimbursements received for out-of-pocket expenses incurred should
be characterized in the income statement as revenue. Accordingly,
the Company has included in revenue such reimbursed expenses.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company earns revenue from agency arrangements in the form of
retainer fees or commissions; from short-term project arrangements
in the form of fixed fees or per diem fees for services; and from
incentives or bonuses.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Non refundable retainer fees are generally recognized on a straight
line basis over the term of the specific customer arrangement.
Commission revenue is earned and recognized upon the placement of
advertisements in various media when the Company has no further
performance obligations. Fixed fees for services are recognized
upon completion of the earnings process and acceptance by the
client. Per diem fees are recognized upon the performance of the
Company&#x2019;s services. In addition, for certain service
transactions, which require delivery of a number of service acts,
the Company uses the Proportional Performance model, which
generally results in revenue being recognized based on the
straight-line method.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Fees billed to clients in excess of fees recognized as revenue are
classified as Advanced Billings.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
A small portion of the Company&#x2019;s contractual arrangements
with customers includes performance incentive provisions, which
allows the Company to earn additional revenues as a result of its
performance relative to both quantitative and qualitative goals.
The Company recognizes the incentive portion of revenue under these
arrangements when specific quantitative goals are assured, or when
the company&#x2019;s clients determine performance against
qualitative goals has been achieved. In all circumstances, revenue
is only recognized when collection is reasonably assured. The
Company records revenue net of sales and other taxes due to be
collected and remitted to governmental authorities.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Cost of Services Sold.</i>&#xA0;&#xA0;Costs of services sold do
not include depreciation charges for fixed assets.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Interest Expense.</i>&#xA0;&#xA0;Interest expense primarily
consists of the cost of borrowing on the revolving WF Credit
Agreement and the 11% Notes. The Company uses the effective
interest method to amortize the original issue discount on the 11%
Notes. At December 31, 2011, 2010 and 2009, $232, $848 and $204 was
amortized, respectively, net of amortized premium of $943, $197 and
nil, respectively. The Company amortizes deferred financing costs
using the effective interest method over the life of the 11% notes
and straightline over the life of the revolving WF Credit
Agreement. The total net deferred financing costs, included in
Other Assets on the balance sheet, as of December 31, 2011 and 2010
was $11,715, and $10,605, net of accumulated amortization of $3,526
and $1,583, respectively. During 2011, the Company recorded $3,053
of deferred financing costs primarily relating to the 2011
expansion of the credit agreement and the 2011 additional debt
issuance.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Stock-Based Compensation.</i>&#xA0;&#xA0;Under the fair value
method, compensation cost is measured at fair value at the date of
grant and is expensed over the service period, that is the
award&#x2019;s vesting period. When awards are exercised, share
capital is credited by the sum of the consideration paid together
with the related portion previously credited to additional paid-in
capital when compensation costs were charged against income or
acquisition consideration.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company uses its historical volatility derived over the
expected term of the award, to determine the volatility factor used
in determining the fair value of the award. The Company uses the
&#x201C;simplified&#x201D; method to determine the term of the award
due to the fact that historical share option exercise experience
does not provide a reasonable basis upon which to estimate the
expected term.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Stock-based awards that are settled in cash or may be settled in
cash at the option of employees are recorded as liabilities. The
measurement of the liability and compensation cost for these awards
is based on the fair value of the award, and is recorded into
operating income over the service period, that is the vesting
period of the award. Changes in the Company&#x2019;s payment
obligation prior to the settlement date are recorded as
compensation cost in operating income in the period of the change.
The final payment amount for such awards is established on the date
of the exercise of the award by the employee.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Stock-based awards that are settled in cash or equity at the option
of the Company are recorded at fair value on the date of grant and
recorded as additional paid-in capital. The fair value measurement
of the compensation cost for these awards is based on using the
Black-Scholes option pricing-model and is recorded in operating
income over the service period, that is the vesting period of the
award.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The fair value of the stock options and similar awards at the grant
date were estimated using the Black-Scholes option-pricing model
with the following weighted average assumptions for each of the
following years:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Year Ended<br />
December 31, 2009</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expected dividend</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">0</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expected volatility</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
39.8%&#xA0;&#x2013;&#xA0;44.5</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Risk-free interest rate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: text-bottom">
1.76%&#xA0;&#x2013;&#xA0;2.49</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expected option life in years</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">4</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Weighted average fair value of options granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1.18</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
For the years ended December 31, 2011 and 2010, the Company did not
issue any stock options or similar awards.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the year ended December 31, 2011, the Company issued Equity
Value Appreciation Awards to its employees. These awards may result
in the issuance of up to 1,413,000 restricted stock units and
restricted stock shares, but only upon the achievement of
extraordinary stock performance targets. The Company measured the
fair value of these awards using a lattice based model (Monte
Carlo) on the date of grant. The Company used the following
assumptions in calculating the fair value under the lattice model;
risk free rate 1.2%, volatility 31.7%, time to maturity 2.93 years,
the weighted average fair value of the awards granted was
$9.37.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
It is the Company&#x2019;s policy for issuing shares upon the
exercise of an equity incentive award to verify the amount of
shares to be issued, as well as the amount of proceeds to be
collected (if any) and delivery of new shares to the exercising
party.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has adopted the straight-line attribution method for
determining the compensation cost to be recorded during each
accounting period. However, awards based on performance conditions
are recorded as compensation expense when the performance
conditions are expected to be met. The fair value at the grant date
for performance based awards granted in 2011 and 2010 was $20,188
and $6,649, respectively. There were no performance based awards
granted during 2009.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company treats benefits paid by shareholders to employees as a
stock based compensation charge with a corresponding credit to
additional paid-in capital.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Pension Costs.</i>&#xA0;&#xA0;Several of the Company&#x2019;s US
and Canadian subsidiaries offer employees access to certain defined
contribution pension programs. Under the defined contribution
plans, these subsidiaries, in some cases, make annual contributions
to participants&#x2019; accounts which are subject to vesting. The
Company&#x2019;s contribution expense pursuant to these plans was
$2,356, $1,655 and $1,026 for the years ended December 31, 2011,
2010 and 2009, respectively.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Earnings per Common Share.</i>&#xA0;&#xA0;Basic earnings per
share is based upon the weighted average number of common shares
outstanding during each period, including the &#x201C;Share capital
to be issued&#x201D; as reflected in the Shareholders&#x2019; Equity
on the balance sheet. Diluted earnings per share is based on the
above, plus, if dilutive, common share equivalents, which include
outstanding options, warrants, stock appreciation rights,
restricted stock units and convertible notes.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Subsidiary and Affiliate Stock Transactions.</i>&#xA0;&#xA0;In
accordance with Accounting Standards Codification Topic on Business
combinations, effective January 1, 2009, transactions involving
purchases, sales or issuances of stock of a subsidiary where
control is maintained are recorded as an increase or decrease in
additional paid-in capital. In transactions involving subsidiary
stock where control is lost, gains and losses are recorded in
results of operations. Gains and losses from transactions involving
stock of an affiliate are recorded in results of operations until
control is achieved.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Foreign Currency Translation.</i>&#xA0;&#xA0;The Company&#x2019;s
financial statements were prepared in accordance with the
requirements of the Foreign Currency Translation topic of the FASB
Accounting Standards Codification. The functional currency of the
Company is the Canadian dollar and it has decided to use US dollars
as its reporting currency for consolidated reporting purposes. All
of the Company&#x2019;s subsidiaries use their local currency as
their functional currency. Accordingly, the currency impacts of the
translation of the balance sheets of the Company&#x2019;s non-US
dollar based subsidiaries to US dollar statements are included as
cumulative translation adjustments in accumulated other
comprehensive income. Translation of intercompany debt, which is
not intended to be repaid, is included in cumulative translation
adjustments. Cumulative translation adjustments are not included in
net earnings unless they are actually realized through a sale or
upon complete or substantially complete liquidation of the
Company&#x2019;s net investment in the foreign operation.
Translation of current intercompany balances are included in net
earnings. The balance sheets of non-US dollar based subsidiaries
are translated at the period end rate. The income statements of
non-US dollar based subsidiaries are translated at average exchange
rates for the period.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Gains and losses arising from the Company&#x2019;s foreign currency
transactions are reflected in net earnings. Unrealized gains or
losses arising on the translation of certain intercompany foreign
currency transactions that are of a long-term nature (that is
settlement is not planned or anticipated in the future) are
included as cumulative translation adjustments in accumulated other
comprehensive income.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Derivative Financial Instruments.</i>&#xA0;&#xA0;The Company
follows Accounting for Derivative Instruments and Hedging
Activities. Topic of the FASB Accounting Standards Codification
establishes accounting and reporting standards requiring that every
derivative instrument (including certain derivative instruments
embedded in other contracts and debt instruments) be recorded in
the balance sheet as either an asset or liability measured at its
fair value. The accounting for the change in fair value of the
derivative depends on whether the instrument qualifies for and has
been designated as a hedging relationship and on the type of
hedging relationship. There are three types of hedging
relationships: a cash flow hedge, a fair value hedge and a hedge of
foreign currency exposure of a net investment in a foreign
operation. The designation is based upon the exposure being hedged.
Derivatives that are not hedges, or become ineffective hedges, must
be adjusted to fair value through earnings.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<TEXT>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Basis of Presentation<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Basis of Presentation</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
1. Basis of Presentation</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
MDC Partners Inc. (the &#x201C;Company&#x201D;) has prepared the
consolidated financial statements included herein pursuant to the
rules and regulations of the United States Securities and Exchange
Commission (the &#x201C;SEC&#x201D;) and in accordance with generally
accepted accounting principles (&#x201C;GAAP&#x201D;) of the United
States of America (&#x201C;US GAAP&#x201D;).</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Effective December 2011, one of the Company&#x2019;s operating
divisions, Performance Marketing Group (a division of Accent) has
been deemed a discontinued operation. All periods have been
restated to reflect the discontinued operation. For further
information see Note 10 &#x201C;Discontinued Operations.&#x201D;</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Nature of Operations</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
MDC Partners Inc., formerly MDC Corporation Inc., is incorporated
under the laws of Canada. The Company commenced using the name MDC
Partners Inc. on November 1, 2003 and legally changed its name
through amalgamation with a wholly-owned subsidiary on January 1,
2004. The Company&#x2019;s operations are in primarily one business
group&#xA0;&#x2014;&#xA0;Marketing Communications. The business
group operates primarily in the United States (&#x201C;US&#x201D;),
Canada, Europe, and in the United Kingdom. See Note 15,
&#x201C;Segment Information&#x201D;, for further description of the
one business group and MDC&#x2019;s reportable segments.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 15<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=d3e5614-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6970148&amp;loc=SL6228881-111685<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Statement of Position (SOP)<br><br> -Publisher AICPA<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS140-4/FIN46(R)-8<br><br> -Paragraph 8, C1, C7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name FASB Interpretation (FIN)<br><br> -Publisher FASB<br><br> -Number 46R<br><br> -Paragraph 4, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 852<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2209116<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2134480<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 2-6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 915<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122150<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359553&amp;loc=d3e288-107754<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAYBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenue:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Services</a></td>
        <td class="nump">$ 943,274<span></span></td>
        <td class="nump">$ 689,146<span></span></td>
        <td class="nump">$ 536,491<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Operating Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Cost of services sold</a></td>
        <td class="nump">674,460<span></span></td>
        <td class="nump">473,371<span></span></td>
        <td class="nump">348,300<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Office and general expenses</a></td>
        <td class="nump">219,271<span></span></td>
        <td class="nump">151,296<span></span></td>
        <td class="nump">131,308<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">40,236<span></span></td>
        <td class="nump">34,164<span></span></td>
        <td class="nump">34,224<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Costs and Expenses, Total</a></td>
        <td class="nump">933,967<span></span></td>
        <td class="nump">658,831<span></span></td>
        <td class="nump">513,832<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating Profit</a></td>
        <td class="nump">9,307<span></span></td>
        <td class="nump">30,315<span></span></td>
        <td class="nump">22,659<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other Income (Expenses)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingGainsLosses', window );">Gain (loss) on sale of assets and other</a></td>
        <td class="nump">116<span></span></td>
        <td class="nump">381<span></span></td>
        <td class="num">(91)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign exchange gain (loss)</a></td>
        <td class="num">(1,677)<span></span></td>
        <td class="nump">69<span></span></td>
        <td class="num">(1,956)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDebtExpense', window );">Interest expense and finance charges</a></td>
        <td class="num">(41,922)<span></span></td>
        <td class="num">(33,487)<span></span></td>
        <td class="num">(22,098)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest income</a></td>
        <td class="nump">139<span></span></td>
        <td class="nump">274<span></span></td>
        <td class="nump">452<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Nonoperating Income (Expense), Total</a></td>
        <td class="num">(43,344)<span></span></td>
        <td class="num">(32,763)<span></span></td>
        <td class="num">(23,693)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Loss from continuing operations before income taxes and equity in affiliates</a></td>
        <td class="num">(34,037)<span></span></td>
        <td class="num">(2,448)<span></span></td>
        <td class="num">(1,034)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense (recovery)</a></td>
        <td class="nump">41,735<span></span></td>
        <td class="num">(165)<span></span></td>
        <td class="nump">8,536<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries', window );">Loss from continuing operations before equity in affiliates</a></td>
        <td class="num">(75,772)<span></span></td>
        <td class="num">(2,283)<span></span></td>
        <td class="num">(9,570)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Equity in earnings (loss) of non-consolidated affiliates</a></td>
        <td class="nump">213<span></span></td>
        <td class="nump">866<span></span></td>
        <td class="num">(8)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperations', window );">Loss from continuing operations</a></td>
        <td class="num">(75,559)<span></span></td>
        <td class="num">(1,417)<span></span></td>
        <td class="num">(9,578)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Loss from discontinued operations attributable to MDC Partners Inc., net of taxes</a></td>
        <td class="num">(1,361)<span></span></td>
        <td class="num">(3,949)<span></span></td>
        <td class="num">(3,180)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net loss</a></td>
        <td class="num">(76,920)<span></span></td>
        <td class="num">(5,366)<span></span></td>
        <td class="num">(12,758)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income attributable to the non-controlling interests</a></td>
        <td class="num">(7,754)<span></span></td>
        <td class="num">(10,074)<span></span></td>
        <td class="num">(5,566)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss attributable to MDC Partners Inc.</a></td>
        <td class="num">(84,674)<span></span></td>
        <td class="num">(15,440)<span></span></td>
        <td class="num">(18,324)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract', window );"><strong>Basic and diluted</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare', window );">Loss from continuing operations attributable to MDC Partners Inc. common shareholders</a></td>
        <td class="num">$ (2.86)<span></span></td>
        <td class="num">$ (0.41)<span></span></td>
        <td class="num">$ (0.55)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare', window );">Discontinued operations attributable to MDC Partners Inc. common shareholders</a></td>
        <td class="num">$ (0.05)<span></span></td>
        <td class="num">$ (0.14)<span></span></td>
        <td class="num">$ (0.12)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net loss attributable to MDC Partners Inc. common shareholders</a></td>
        <td class="num">$ (2.91)<span></span></td>
        <td class="num">$ (0.55)<span></span></td>
        <td class="num">$ (0.67)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract', window );"><strong>Weighted Average Number of Common Shares Outstanding:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAndDiluted', window );">Basic and diluted</a></td>
        <td class="nump">29,120,373<span></span></td>
        <td class="nump">28,161,144<span></span></td>
        <td class="nump">27,396,463<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Non cash stock based compensation expense is included in the following line items above:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Non-cash stock-based compensation</a></td>
        <td class="nump">23,657<span></span></td>
        <td class="nump">16,507<span></span></td>
        <td class="nump">15,444<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cost of services sold</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Non cash stock based compensation expense is included in the following line items above:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Non-cash stock-based compensation</a></td>
        <td class="nump">1,333<span></span></td>
        <td class="nump">4,427<span></span></td>
        <td class="nump">4,919<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Office and general expenses</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Non cash stock based compensation expense is included in the following line items above:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Non-cash stock-based compensation</a></td>
        <td class="nump">$ 22,324<span></span></td>
        <td class="nump">$ 12,080<span></span></td>
        <td class="nump">$ 10,525<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income (loss) from continuing operations before equity in earnings of unconsolidated subsidiaries</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_IncomeLossFromContinuingOperationsBeforeEquityInEarningsOfSubsidiaries</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 2<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs of sales and operating expenses for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDilutedAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDilutedAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30690-110894<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30700-110894<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4613673-111683<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph b(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 1(i)<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 15<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of income (loss) derived from discontinued operations during the period, net of related tax effect, per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 19<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 6<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndDebtExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest and debt related expenses associated with nonoperating financing activities of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndDebtExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndOtherIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingGainsLosses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of gains or losses resulting from nonoperating activities (for example, interest and dividend revenue, property, plant and equipment impairment loss, and so forth).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7,9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingGainsLosses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpenseAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueServicesNet</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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                  <tr>
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                    <td><nobr>us-gaap_ShareBasedCompensationAbstract</nobr></td>
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                <p>The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELJBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2009</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net loss</a></td>
        <td class="num">$ (76,920)<span></span></td>
        <td class="num">$ (5,366)<span></span></td>
        <td class="num">$ (12,758)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Loss from discontinued operations</a></td>
        <td class="num">(1,361)<span></span></td>
        <td class="num">(3,949)<span></span></td>
        <td class="num">(3,180)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperations', window );">Income (loss) from continuing operations</a></td>
        <td class="num">(75,559)<span></span></td>
        <td class="num">(1,417)<span></span></td>
        <td class="num">(9,578)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile loss from continuing operations to cash provided by operating activities:</strong></a></td>
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        <td class="nump">23,657<span></span></td>
        <td class="nump">16,507<span></span></td>
        <td class="nump">15,444<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
        <td class="nump">17,665<span></span></td>
        <td class="nump">16,447<span></span></td>
        <td class="nump">16,087<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization primarily from intangibles</a></td>
        <td class="nump">22,571<span></span></td>
        <td class="nump">17,717<span></span></td>
        <td class="nump">18,137<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts', window );">Amortization of deferred finance charges and debt discount</a></td>
        <td class="nump">2,175<span></span></td>
        <td class="nump">2,136<span></span></td>
        <td class="nump">4,041<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfAcquisitionCosts', window );">Adjustment to deferred acquisition consideration</a></td>
        <td class="nump">13,324<span></span></td>
        <td class="nump">142<span></span></td>
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        <td class="nump">40,284<span></span></td>
        <td class="num">(5,373)<span></span></td>
        <td class="nump">6,972<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">(Gain) loss on disposition of assets</a></td>
        <td class="nump">75<span></span></td>
        <td class="num">(17)<span></span></td>
        <td class="nump">53<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Loss (earnings) of non consolidated affiliates</a></td>
        <td class="num">(213)<span></span></td>
        <td class="num">(866)<span></span></td>
        <td class="nump">8<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet', window );">Other non-current assets and liabilities</a></td>
        <td class="num">(1,954)<span></span></td>
        <td class="num">(509)<span></span></td>
        <td class="nump">3,101<span></span></td>
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        <td class="nump">687<span></span></td>
        <td class="nump">538<span></span></td>
        <td class="nump">6,557<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Increase/decrease in operating assets and liabilities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="num">(12,130)<span></span></td>
        <td class="num">(31,289)<span></span></td>
        <td class="num">(11,420)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Expenditures billable to clients</a></td>
        <td class="nump">15,335<span></span></td>
        <td class="nump">23,681<span></span></td>
        <td class="num">(7,054)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
        <td class="num">(832)<span></span></td>
        <td class="nump">952<span></span></td>
        <td class="nump">1,546<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities', window );">Accounts payable, accruals and other current liabilities</a></td>
        <td class="num">(8,259)<span></span></td>
        <td class="num">(1,574)<span></span></td>
        <td class="nump">9,362<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings', window );">Advance billings</a></td>
        <td class="num">(31,373)<span></span></td>
        <td class="nump">2,430<span></span></td>
        <td class="nump">15,843<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Cash flows provided by continuing operating activities</a></td>
        <td class="nump">5,453<span></span></td>
        <td class="nump">39,505<span></span></td>
        <td class="nump">69,099<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations', window );">Discontinued operations</a></td>
        <td class="num">(905)<span></span></td>
        <td class="num">(2,208)<span></span></td>
        <td class="num">(1,412)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">4,548<span></span></td>
        <td class="nump">37,297<span></span></td>
        <td class="nump">67,687<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Capital expenditures</a></td>
        <td class="num">(23,383)<span></span></td>
        <td class="num">(11,134)<span></span></td>
        <td class="num">(4,513)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfProductiveAssets', window );">Proceeds from sale of assets</a></td>
        <td class="nump">22<span></span></td>
        <td class="nump">96<span></span></td>
        <td class="nump">20<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired', window );">Acquisitions, net of cash acquired</a></td>
        <td class="num">(6,790)<span></span></td>
        <td class="num">(97,387)<span></span></td>
        <td class="num">(57,506)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_DistributionsFromEquityInvestments', window );">Profit distributions from affiliates</a></td>
        <td class="nump">4,584<span></span></td>
        <td class="nump">638<span></span></td>
        <td class="nump">198<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities', window );">Other investments</a></td>
        <td class="num">(4,232)<span></span></td>
        <td class="num">(717)<span></span></td>
        <td class="num">(163)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Cash flows used in continuing investing activities</a></td>
        <td class="num">(29,799)<span></span></td>
        <td class="num">(108,504)<span></span></td>
        <td class="num">(61,964)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations', window );">Discontinued operations</a></td>
        <td class="num">(637)<span></span></td>
        <td class="num">(2,076)<span></span></td>
        <td class="num">(1,699)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(30,436)<span></span></td>
        <td class="num">(110,580)<span></span></td>
        <td class="num">(63,663)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt', window );">Proceeds from issuance of 11% Notes</a></td>
        <td class="nump">61,050<span></span></td>
        <td class="nump">67,600<span></span></td>
        <td class="nump">214,506<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfLinesOfCredit', window );">Proceeds/ (repayments) of revolving credit facility</a></td>
        <td class="nump">38,032<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(9,701)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfNotesPayable', window );">Repayment of term loans</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(130,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfConvertibleDebt', window );">Repayment of convertible debt</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(42,470)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities', window );">Acquisition related payments</a></td>
        <td class="num">(34,287)<span></span></td>
        <td class="num">(19,673)<span></span></td>
        <td class="num">(2,536)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts', window );">Proceeds/ (repayments) from bank overdraft</a></td>
        <td class="num">(5,676)<span></span></td>
        <td class="nump">9,026<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToMinorityShareholders', window );">Distributions to noncontrolling interests</a></td>
        <td class="num">(12,264)<span></span></td>
        <td class="num">(7,685)<span></span></td>
        <td class="num">(7,784)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds from exercise of options</a></td>
        <td class="nump">1,086<span></span></td>
        <td class="nump">60<span></span></td>
        <td class="nump">370<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Payments of dividends</a></td>
        <td class="num">(16,436)<span></span></td>
        <td class="num">(9,727)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of long-term debt</a></td>
        <td class="num">(1,112)<span></span></td>
        <td class="num">(1,496)<span></span></td>
        <td class="num">(2,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Deferred financing costs</a></td>
        <td class="num">(3,053)<span></span></td>
        <td class="num">(2,103)<span></span></td>
        <td class="num">(10,085)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Proceeds from stock subscription receivable</a></td>
        <td class="nump">80<span></span></td>
        <td class="nump">206<span></span></td>
        <td class="nump">13<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Purchase of treasury shares</a></td>
        <td class="num">(4,121)<span></span></td>
        <td class="num">(3,480)<span></span></td>
        <td class="num">(596)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Cash flows provided by continuing financing activities</a></td>
        <td class="nump">23,299<span></span></td>
        <td class="nump">32,728<span></span></td>
        <td class="nump">9,717<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations', window );">Discontinued operations</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">23,299<span></span></td>
        <td class="nump">32,728<span></span></td>
        <td class="nump">9,717<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents', window );">Effect of exchange rate changes on cash and cash equivalents</a></td>
        <td class="num">(264)<span></span></td>
        <td class="num">(422)<span></span></td>
        <td class="num">(3,146)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">(Decrease) increase in cash and cash equivalents</a></td>
        <td class="num">(2,853)<span></span></td>
        <td class="num">(40,977)<span></span></td>
        <td class="nump">10,595<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
        <td class="nump">10,949<span></span></td>
        <td class="nump">51,926<span></span></td>
        <td class="nump">41,331<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
        <td class="nump">8,096<span></span></td>
        <td class="nump">10,949<span></span></td>
        <td class="nump">51,926<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosures:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Cash income taxes paid</a></td>
        <td class="nump">240<span></span></td>
        <td class="nump">1,128<span></span></td>
        <td class="nump">384<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash interest paid</a></td>
        <td class="nump">37,497<span></span></td>
        <td class="nump">29,581<span></span></td>
        <td class="nump">14,243<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash transactions:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_StockIssuedAcquisitionTransaction', window );">Share capital issued on acquisitions</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeaseObligationsIncurred', window );">Capital leases</a></td>
        <td class="nump">682<span></span></td>
        <td class="nump">656<span></span></td>
        <td class="nump">340<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesIssued1', window );">Note receivable exchanged for shares of subsidiary</a></td>
        <td class="nump">1,098<span></span></td>
        <td class="nump">840<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableAmount', window );">Dividends payable</a></td>
        <td class="nump">$ 5,456<span></span></td>
        <td class="nump">$ 387<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_DistributionsFromEquityInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Distributions From Equity Investments</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_DistributionsFromEquityInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change during the reporting period in the aggregate amount of accounts payable accrued expenses and other liabilities incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_StockIssuedAcquisitionTransaction">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of stock issued for acquisition transactions in noncash financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_StockIssuedAcquisitionTransaction</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfAcquisitionCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense recognized in the current period that reflects the allocation of capitalized costs associated with acquisition of business. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfAcquisitionCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of interest expense representing the noncash expenses charged against earnings in the period to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include Noncash Interest Expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCostsAndDiscounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfIntangibleAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeaseObligationsIncurred">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase during the period in capital lease obligations due to entering into new capital leases.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CapitalLeaseObligationsIncurred</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents cash provided by or used in the financing activities of the entity's discontinued operations during the period. This element is only used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in financing activities reflect only cash flows attributable to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents cash provided by or used in the investing activities of the entity's discontinued operations during the period. This element is only used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in investing activities reflect only cash flows attributable to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents cash provided by or used in the operating activities of the entity's discontinued operations during the period. This element is only used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in operating activities reflect only cash flows attributable to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Depreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of dividends declared, but not paid, as of the financial reporting date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The effect of exchange rate changes on cash balances held in foreign currencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossUnrealized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate unrealized foreign currency transaction gain (loss) (pretax) included in determining net income for the reporting period. Represents the aggregate of gains (losses) on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by or used in continuing operations. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30700-110894<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30690-110894<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ForeignCurrencyTransactionGainLossUnrealized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDispositionOfAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gains (losses) included in earnings resulting from the sale or disposal of tangible assets. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2941-110230<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnDispositionOfAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4613673-111683<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph b(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 15<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 19<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 6<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph f<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxesPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the liability reflecting cash payments received before the related costs have been incurred.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other noncurrent operating assets less other noncurrent operating liabilities not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) the entity's financing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in financing activities. Such reporting would necessitate the entity to use the Net Cash provided by or used in Discontinued Operations, Total element provided in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) the entity's investing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in investing activities. Such reporting would necessitate the entity to use the Net Cash provided by or used in Discontinued Operations, Total element provided in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -Footnote 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) the entity's continuing operations. This element specifically EXCLUDES the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in operating activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -Footnote 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesIssued1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of notes issued in noncash investing and financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesIssued1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3095-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForProceedsFromOtherInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the entity's earnings to the shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividends</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for loan and debt issuance costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToMinorityShareholders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToMinorityShareholders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOrSaleOfEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3095-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromPaymentsForOtherFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from the excess drawing from an existing cash balance, which will be honored by the bank but reflected as a loan to the drawer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3095-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Technical Practice Aid (TPA)<br><br> -Number 1300<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfBankOverdrafts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Accounting Standards Codification<br><br> -Publisher FASB<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -Subparagraph c<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfLinesOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from a long-term borrowing supported by a written promise to pay an obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfProductiveAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleOfProductiveAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromStockOptionsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfConvertibleDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the repayment of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
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                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Segment Information<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
15. Segment Information</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company&#x2019;s segment reporting is consistent with the
current manner of how the Chief Operating Decision Maker
(&#x201C;CODM&#x201D;) and the Board of Directors view the business.
The Company is focused on expanding its capabilities in database
marketing and data analytics in order to position the Company for
future business development efforts and revenue growth.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In order to position this strategic focus along the lines of how
the CODM and management will base their business decisions, the
Company reports two segments. Decisions regarding allocation of
resources are made and will be made based not only on the
individual operating results of the subsidiaries but also on the
overall performance of the reportable segments. These reportable
segments are the aggregation of various reporting segments.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company reports in two segments plus corporate. The segments
are as follows:</p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
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<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">The <i>Strategic Marketing
Services</i> segment includes Crispin Porter &amp; Bogusky and
kirshenbaum bond senecal + partners among others. This segment
consists of integrated marketing consulting services firms that
offer a full complement of marketing consulting services including
advertising and media, marketing communications including direct
marketing, public relations, corporate communications, market
research, corporate identity and branding, interactive marketing
and sales promotion. Each of the entities within the Strategic
Marketing Services Group share similar economic characteristics,
specifically related to the nature of their respective services,
the manner in which the services are provided and the similarity of
their respective customers. Due to the similarities in these
businesses, they exhibit similar long term financial performance
and have been aggregated together.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">The <i>Performance Marketing
Services</i> segment includes our firms that provide consumer
insights to satisfy the growing need for targetable, measurable
solutions or cost effective means of driving return on marketing
investment. These services interface directly with the consumer of
a client&#x2019;s product or service. Such services include the
design, development, research and implementation of consumer
service and direct marketing initiatives. Each of the entities
within the Performance Marketing Services Group share similar
economic characteristics specifically related to the nature of
their respective services, the manner in which the services are
provided, and the similarity of their respective customers. Due to
the similarities in these businesses, the services provided to the
customer and they exhibit similar long term financial performance
and have been aggregated together.</td>
</tr>
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<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The significant accounting policies of these segments are the same
as those described in the summary of significant accounting
policies included in the notes to the consolidated financial
statements. The Company continues to evaluate its Corporate Group
and the services provided by the Corporate Group to the operating
segments. The Company has determined that additional amounts should
be allocated to the operating segments based on additional services
provided in 2009. The Company will continue to evaluate the
services and amount of time spent directly on the operating
segments business operations, and adjust accordingly.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
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<td></td>
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<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">For the Year Ended December 31, 2011</td>
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<tr>
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&#xA0;&#xA0;</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Strategic<br />
Marketing<br />
Services</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Performance<br />
Marketing<br />
Services</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Corporate</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Total</td>
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Revenue</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
608,079</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
335,195</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
943,274</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Cost of services sold</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
426,053</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
248,407</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
674,460</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
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<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Office and general expenses</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
138,303</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
45,536</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
35,432</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
219,271</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Depreciation and amortization</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
22,379</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,031</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
826</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
40,236</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Operating profit (Loss)</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
21,344</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
24,221</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(36,258</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9,307</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other income (Expense):<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other income, net</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">116</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Foreign exchange loss</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,677</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Interest expense, net</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(41,783</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(34,037</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Income tax expense</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
41,735</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations before equity in affiliates and
noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(75,772</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Equity in earnings of affiliates</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
213</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(75,559</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from discontinued operations attributable to MDC Partners
Inc., net of taxes</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,361</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net loss</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(76,920</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net income attributable to noncontrolling interests</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(6,203</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,551</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,754</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net (loss) attributable to MDC Partners Inc.</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(84,674</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Stock-based compensation</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,149</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,695</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
14,813</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
23,657</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Capital expenditures from continuing operations</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
11,657</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,797</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,929</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
23,383</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Goodwill and intangibles</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
426,034</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
237,190</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
663,224</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total assets</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
627,268</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
380,825</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
47,652</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,055,745</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">For the Year Ended December 31, 2010</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Strategic<br />
Marketing<br />
Services</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Performance<br />
Marketing<br />
Services</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Corporate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Total</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Revenue</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
438,941</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
250,205</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
689,146</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Cost of services sold</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
289,409</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
183,962</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
473,371</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Office and general expenses</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
90,622</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
38,383</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
22,291</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
151,296</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Depreciation and amortization</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,917</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15,879</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
368</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
34,164</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Operating profit (Loss)</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
40,993</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
11,981</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(22,659</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
30,315</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other income (Expense):<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other income, net</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">381</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Foreign exchange gain</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">69</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Interest expense, net</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(33,213</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,448</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Income tax recovery</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(165</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations before equity in affiliates and
noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,283</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Equity in earnings of affiliates</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
866</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,417</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from discontinued operations attributable to MDC Partners
Inc., net of taxes</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,949</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net loss</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(5,366</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net income attributable to noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,211</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,863</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,074</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net (loss) attributable to MDC Partners Inc.</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(15,440</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Stock-based compensation</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,282</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,992</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,233</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
16,507</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Capital expenditures from continuing operations</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,476</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,048</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
610</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
11,134</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Goodwill and intangibles</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
367,856</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
213,765</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
581,621</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total assets</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
552,383</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
322,520</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
39,445</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
914,348</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">For the Year Ended December 31, 2009</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Strategic<br />
Marketing<br />
Services</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Performance<br />
Marketing<br />
Services</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Corporate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Total</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Revenue</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
370,615</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
165,876</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
536,491</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Cost of services sold</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
220,714</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
127,586</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
348,300</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Office and general expenses</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
87,633</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
25,584</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
18,091</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
131,308</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Depreciation and amortization</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
25,518</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8,278</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
428</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
34,224</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Operating Profit (Loss)</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
36,750</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,428</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(18,519</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
22,659</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other Income (Expense):<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other expense, net</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(91</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Foreign exchange loss</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,956</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Interest expense, net</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(21,646</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,034</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Income tax expense</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8,536</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations before equity in affiliates and
noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(9,570</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Equity in loss of affiliates</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(8</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(9,578</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from discontinued operations attributable to MDC Partners
Inc., net of taxes</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,180</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net loss</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(12,758</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net income attributable to noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(4,851</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(715</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(5,566</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net loss attributable to MDC Partners Inc.</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(18,324</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Stock-based compensation</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8,742</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
868</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,834</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15,444</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Capital expenditures from continuing operations</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,617</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
657</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
239</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,513</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Goodwill and intangibles</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
277,992</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
58,355</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
336,347</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total assets</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
430,959</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
112,780</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
60,780</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
604,519</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
A summary of the Company&#x2019;s long-lived assets, comprised of
fixed assets, goodwill and intangibles, net, as at December 31, is
set forth in the following table.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">United States</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Canada</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Other</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Total</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Long-lived Assets<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
39,555</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,003</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,179</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
47,737</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
32,354</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,606</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,093</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
41,053</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Goodwill and Intangible Assets<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
577,388</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
85,836</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
663,224</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
495,133</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
86,488</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
581,621</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
A summary of the Company&#x2019;s revenue as at December 31 is set
forth in the following table.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">United States</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Canada</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Other</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Total</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Revenue:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
758,157</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
152,374</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
32,743</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
943,274</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
574,043</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
97,452</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,651</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
689,146</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
447,326</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
80,124</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9,041</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
536,491</td>
</tr>
</table>
</div>
</div><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8595-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8538-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 33<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8971-108599<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8981-108599<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 29<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8864-108599<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8380-108599<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 35<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8984-108599<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 41<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9038-108599<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 32<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8933-108599<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 131<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8844-108599<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 40<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9031-108599<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 42<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9054-108599<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 31<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599<br><br><br><br></p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Commitments, Contingencies and Guarantees<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock', window );">Commitments, Contingencies and Guarantees</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
17. Commitments, Contingencies and Guarantees</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Deferred Acquisition Consideration.</i>&#xA0;&#xA0;In addition
to the consideration paid by the Company in respect of certain of
its acquisitions at closing, additional consideration may be
payable, or may be potentially payable based on the achievement of
certain threshold levels of earnings. See Note 2 and Note 4.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Put Options.</i>&#xA0;&#xA0;Owners of interests in certain
subsidiaries have the right in certain circumstances to require the
Company to acquire either a portion of or all of the remaining
ownership interests held by them. The owners&#x2019; ability to
exercise any such &#x201C;put option&#x201D; right is subject to the
satisfaction of certain conditions, including conditions requiring
notice in advance of exercise. In addition, these rights cannot be
exercised prior to specified staggered exercise dates. The exercise
of these rights at their earliest contractual date would result in
obligations of the Company to fund the related amounts during the
period 2011 to 2018. It is not determinable, at this time, if or
when the owners of these rights will exercise all or a portion of
these rights.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The amount payable by the Company in the event such rights are
exercised is dependent on various valuation formulas and on future
events, such as the average earnings of the relevant subsidiary
through the date of exercise, the growth rate of the earnings of
the relevant subsidiary during that period, and, in some cases, the
currency exchange rate at the date of payment.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Management estimates, assuming that the subsidiaries owned by the
Company at December 31, 2011, perform over the relevant future
periods at their 2011 earnings levels, that these rights, if all
exercised, could require the Company, in future periods, to pay an
aggregate amount of approximately $29,040 to the owners of such
rights to acquire such ownership interests in the relevant
subsidiaries. Of this amount, the Company is entitled, at its
option, to fund approximately $3,644 by the issuance of share
capital. In addition, the Company is obligated under similar put
option rights to pay an aggregate amount of approximately $88,096
only upon termination of such owner&#x2019;s employment with the
applicable subsidiary or death (including $9,707 that are within
the Company&#x2019;s control). The ultimate amount payable relating
to these transactions will vary because it is dependent on the
future results of operations of the subject businesses and the
timing of when and if these rights are exercised. The aggregate
amount of these options is $117,136, of which $107,429 has been
recorded on the balance sheet at December 31, 2011 and is included
in Redeemable Noncontrolling Interests.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Natural Disasters</i>.&#xA0;&#xA0;Certain of the Company&#x2019;s
operations are located in regions of the United States and
Caribbean which typically are subject to hurricanes. During the
year ended December 31, 2011, 2010 and 2009, these operations did
not incur any costs related to damages resulting from
hurricanes.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Guarantees</i>.&#xA0;&#xA0;In connection with certain
dispositions of assets and/or businesses in 2001 and 2003, the
Company has provided customary representations and warranties whose
terms range in duration and may not be explicitly defined. The
Company has also retained certain liabilities for events occurring
prior to sale, relating to tax, environmental, litigation and other
matters. Generally, the Company has indemnified the purchasers in
the event that a third party asserts a claim against the purchaser
that relates to a liability retained by the Company. These types of
indemnification guarantees typically extend for a number of
years.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In connection with the sale of the Company&#x2019;s investment in
CDI, the amounts of indemnification guarantees were limited to the
total sale price of approximately $84,000. For the remainder, the
Company&#x2019;s potential liability for these indemnifications are
not subject to a limit as the underlying agreements do not always
specify a maximum amount and the amounts are dependent upon the
outcome of future contingent events.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Historically, the Company has not made any significant
indemnification payments under such agreements and no amount has
been accrued in the accompanying consolidated financial statements
with respect to these indemnification guarantees. The Company
continues to monitor the conditions that are subject to guarantees
and indemnifications to identify whether it is probable that a loss
has occurred, and would recognize any such losses under any
guarantees or indemnifications in the period when those losses are
probable and estimable.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
For guarantees and indemnifications entered into after January 1,
2003, in connection with the sale of the Company&#x2019;s investment
in CDI, the Company has estimated the fair value of its liability,
which was insignificant.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Legal Proceedings.</i>&#xA0;&#xA0;The Company&#x2019;s operating
entities are involved in legal proceedings of various types. While
any litigation contains an element of uncertainty, the Company has
no reason to believe that the outcome of such proceedings or claims
will have a material adverse effect on the financial condition or
results of operations of the Company.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Commitments.</i>&#xA0;&#xA0;At December 31, 2011, the Company
has $5,830 of undrawn outstanding letters of credit. In addition,
the Company has commitments to fund investments in an aggregate
amount of $3,900.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
<i>Leases.</i>&#xA0;&#xA0;The Company and its subsidiaries lease
certain facilities and equipment. Gross premises rental expense
amounted to $26,953 for 2011, $18,334 for 2010 and $16,004 for
2009, which was reduced by sublease income of $555 in 2011, $277 in
2010 and $59 in 2009. Where leases contain escalation clauses or
other concessions, the impact of such adjustments is recognized on
a straight-line basis over the minimum lease period.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Minimum rental commitments for the rental of office and production
premises and equipment under non-cancellable leases net of sublease
income, some of which provide for rental adjustments due to
increased property taxes and operating costs for 2011 and
thereafter, are as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Period</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amount</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2012</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
26,878</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2013</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
25,948</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2014</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
22,161</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2015</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
19,863</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2016</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,237</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2017 and thereafter</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
52,114</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
164,201</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
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<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
At December 31, 2011, the total future cash to be received on
sublease income is $8,411.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments, contingencies, and guarantees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EIPHM">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Class A Shares</div>
        </th>
        <th class="th">
          <div>Class B Shares</div>
        </th>
        <th class="th">
          <div>Share Capital to Be Issued</div>
        </th>
        <th class="th">
          <div>Additional Paid-In Capital</div>
        </th>
        <th class="th">
          <div>Additional Paid-In Capital

</div>
          <div>Acquisition</div>
        </th>
        <th class="th">
          <div>Changes in Excess of Capital</div>
        </th>
        <th class="th">
          <div>Accumulated Deficit</div>
        </th>
        <th class="th">
          <div>Stock Subscription Receivable</div>
        </th>
        <th class="th">
          <div>Accumulated Other Comprehensive Income (Loss)</div>
        </th>
        <th class="th">
          <div>Noncontrolling interests</div>
        </th>
        <th class="th">
          <div>Noncontrolling interests

</div>
          <div>Acquisition</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Beginning Balance at Dec. 31, 2008</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 213,533<span></span></td>
        <td class="nump">$ 1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 33,470<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (112,836)<span></span></td>
        <td class="num">$ (354)<span></span></td>
        <td class="num">$ (6,633)<span></span></td>
        <td class="nump">$ 871<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Beginning Balance (in shares) at Dec. 31, 2008</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">26,987,017<span></span></td>
        <td class="nump">2,503<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Stock appreciation rights exercised (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">68,261<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock appreciation rights exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">202<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(202)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13,720<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination', window );">Increase in noncontrolling interest from acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,039<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Foreign currency translation adjustments</a></td>
        <td class="nump">769<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">753<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_StockSubscriptionReceipt', window );">Receipts</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Income (Loss) for the year</a></td>
        <td class="num">(18,324)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(18,324)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Shares converted to Class B shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_AdoptionOfAndChangesInTemporaryEquity', window );">Reclassification related to redeemable noncontrolling interests (Note 2)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(31,653)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Share options exercised (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">47,625<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Share options exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">370<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestChangeInRedemptionValue', window );">Changes in redemption value of redeemable noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(58)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax', window );">Foreign currency translation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Shares acquired and cancelled (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(156,481)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Shares acquired and cancelled</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(596)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">620,393<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,023<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,023)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOther', window );">Other</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(157)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromRedemptions', window );">Decrease in noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(923)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(106)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">MDC Partners Inc. Shareholders' Equity</a></td>
        <td class="nump">90,326<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2009</a></td>
        <td class="nump">94,146<span></span></td>
        <td class="nump">218,532<span></span></td>
        <td class="nump">1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,174<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(131,160)<span></span></td>
        <td class="num">(341)<span></span></td>
        <td class="num">(5,880)<span></span></td>
        <td class="nump">3,820<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2009</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">27,566,815<span></span></td>
        <td class="nump">2,503<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Stock appreciation rights exercised (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">101,107<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock appreciation rights exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">239<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(239)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">14,954<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination', window );">Increase in noncontrolling interest from acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">28,990<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Foreign currency translation adjustments</a></td>
        <td class="nump">1,736<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,732<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_StockSubscriptionReceipt', window );">Receipts</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">206<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Income (Loss) for the year</a></td>
        <td class="num">(15,440)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(15,440)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Shares converted to Class B shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_MinorityInterestIncreaseFromStockSubscription', window );">Increase in noncontrolling interests from business combinations</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">118<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Share options exercised (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,495<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Share options exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">60<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestChangeInRedemptionValue', window );">Changes in redemption value of redeemable noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(11,500)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax', window );">Foreign currency translation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestIncreaseFromStockIssuance', window );">Issuance of redeemable noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">158<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Shares acquired and cancelled (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(282,954)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Shares acquired and cancelled</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,480)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings', window );">Dividends paid and to be paid</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(10,194)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,367,271<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">11,401<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(11,401)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther', window );">Transfer to/from charges in excess of capital</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,809<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(16,809)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromRedemptions', window );">Decrease in noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(7,761)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(127)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">MDC Partners Inc. Shareholders' Equity</a></td>
        <td class="nump">59,061<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2010</a></td>
        <td class="nump">91,866<span></span></td>
        <td class="nump">226,752<span></span></td>
        <td class="nump">1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(16,809)<span></span></td>
        <td class="num">(146,600)<span></span></td>
        <td class="num">(135)<span></span></td>
        <td class="num">(4,148)<span></span></td>
        <td class="nump">32,805<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2010</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">28,758,734<span></span></td>
        <td class="nump">2,503<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Stock appreciation rights exercised (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">130,932<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock appreciation rights exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">211<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="num">(211)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions', window );">Shares issued as acquisition consideration (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">28,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueAcquisitions', window );">Shares issued as acquisition consideration</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">424<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,709<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination', window );">Increase in noncontrolling interest from acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,706<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease', window );">Foreign currency translation adjustments</a></td>
        <td class="num">(504)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(510)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_StockSubscriptionReceipt', window );">Receipts</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">80<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Income (Loss) for the year</a></td>
        <td class="num">(84,674)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(84,674)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Shares converted to Class B shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Share options exercised (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">113,085<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Share options exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,109<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(23)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestChangeInRedemptionValue', window );">Changes in redemption value of redeemable noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(24,532)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax', window );">Foreign currency translation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestIncreaseFromStockIssuance', window );">Issuance of redeemable noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,147)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Shares acquired and cancelled (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(230,262)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Shares acquired and cancelled</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,121)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings', window );">Dividends paid and to be paid</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(21,511)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice', window );">Acquisition purchase price adjustments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,007<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Issuance of restricted stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,257<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther', window );">Transfer to/from charges in excess of capital</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">28,293<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromRedemptions', window );">Decrease in noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(6,328)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">MDC Partners Inc. Shareholders' Equity</a></td>
        <td class="num">(52,456)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balance at Dec. 31, 2011</a></td>
        <td class="num">$ (12,941)<span></span></td>
        <td class="nump">$ 228,208<span></span></td>
        <td class="nump">$ 1<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (45,102)<span></span></td>
        <td class="num">$ (231,274)<span></span></td>
        <td class="num">$ (55)<span></span></td>
        <td class="num">$ (4,658)<span></span></td>
        <td class="nump">$ 39,515<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Ending Balance (in shares) at Dec. 31, 2011</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">29,277,408<span></span></td>
        <td class="nump">2,503<span></span></td>
        <td class="nump">28,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_AdjustmentsToAdditionalPaidInCapitalBusinessAcquisitionPurchasePrice">
        <tr>
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustments to additional paid in capital business acquisition purchase price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reclassification to Redeemable Noncontrolling interest for adoption of accounting principle.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_AdoptionOfAndChangesInTemporaryEquity</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Minority Interest Increase From Stock Subscription</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_MinorityInterestIncreaseFromStockSubscription</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Stock Subscription Receipt</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_StockSubscriptionReceipt</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reduction to additional paid in capital resulting from dividends legally declared or paid in excess of the balance in retained earnings. Such dividends may also be referred to as liquidating distributions or returns of capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents increases or decreases in additional paid in capital not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalOther</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415241&amp;loc=d3e4534-113899<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11149-113907<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A91<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11178-113907<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 39<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestChangeInRedemptionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Change in noncontrolling interest during the period as a result of a change in the redemption value of redeemable noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestChangeInRedemptionValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestDecreaseFromRedemptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Decrease in noncontrolling interest (for example, but not limited to, redeeming or purchasing the interests of noncontrolling shareholders, issuance of shares (interests) by the non-wholly owned subsidiary to the parent entity for other than cash, and a buyback of shares (interest) by the non-wholly owned subsidiary from the noncontrolling interests).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569655-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4616395-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestDecreaseFromRedemptions</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestIncreaseFromStockIssuance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents an increase in noncontrolling interest from issuance of additional equity interests to noncontrolling interest holders or the sale of a portion of the parent's controlling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 23<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569655-111683<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4616395-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestIncreaseFromStockIssuance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase in noncontrolling interest balance because of a business combination that occurred during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 20<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6915805&amp;loc=d3e32211-110900<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 14, 17, 19, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 13, 20, 31<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tax effect of the adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e640-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued and outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Publisher AICPA<br><br> -Number 51<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued during the period pursuant to acquisitions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 53<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesAcquisitions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueAcquisitions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock issued pursuant to acquisitions during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueAcquisitions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gross value of stock issued during the period upon the conversion of convertible securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (d)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value stock issued during the period as a result of the exercise of stock options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased and retired during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELOAC">
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          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
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          <div>Dec. 31, 2011</div>
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          <div>Dec. 31, 2010</div>
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          <div>Dec. 31, 2009</div>
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        <td class="num">$ (76,920)<span></span></td>
        <td class="num">$ (5,366)<span></span></td>
        <td class="num">$ (12,758)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income (loss), net of tax:</strong></a></td>
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        <td class="num">(504)<span></span></td>
        <td class="nump">1,736<span></span></td>
        <td class="nump">769<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Comprehensive loss for the year</a></td>
        <td class="num">(77,424)<span></span></td>
        <td class="num">(3,630)<span></span></td>
        <td class="num">(11,989)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive loss attributable to the noncontrolling interest</a></td>
        <td class="num">(7,760)<span></span></td>
        <td class="num">(10,078)<span></span></td>
        <td class="num">(5,582)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive loss attributable to MDC Partners Inc.</a></td>
        <td class="num">$ (85,184)<span></span></td>
        <td class="num">$ (13,708)<span></span></td>
        <td class="num">$ (17,571)<span></span></td>
      </tr>
    </table>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e540-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 8, 9, 10, 11, 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508144<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e557-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4613674-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569643-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A5<br><br> -Appendix A<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 20<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6915805&amp;loc=d3e32211-110900<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920433&amp;loc=d3e998-108581<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 24<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 14, 17, 19, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 52<br><br> -Paragraph 13, 20, 31<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=SL4573702-111684<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4591552-111686<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4569616-111683<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Discontinued Operations<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock', window );">Discontinued Operations</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
10. Discontinued Operations</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In December 2011, the Company discontinued a division of Accent
Marketing Services, LLC, called Performance Marketing Group. As a
result, the Company has classified this entity&#x2019;s results of
operations as a loss of $1,339 as discontinued operations. The
Company also recorded net adjustments of $22 to increase a
previously recorded liability relating to a prior discontinued
operation.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The loss net of taxes from discontinued operations for 2010 was
$3,949, which is comprised of the operating results of Performance
Marketing Group of $1,455. The loss also includes the results from
operations of a start-up division of Redscout, LLC called 007. As a
result, the Company has classified this entity&#x2019;s results of
operations as a loss of $722 as discontinued operations. In
addition, the Company ceased Zig US current operations and as a
result incurred a goodwill impairment charge of $232. Including the
impairment charge Zig US&#x2019;s results of operations, net of
income tax benefits, for the year ended 2010, there was a loss of
$1,046. The Company discontinued a start up called Fearless
Progression LLC (&#x201C;Fearless&#x201D;). As a result, the Company
wrote off its investment in Fearless of $710. Including the
impairment charge, Fearless&#x2019;s results of operations net of
income tax benefits for the year ended 2010, was a loss of $743.
The Company has classified this entity&#x2019;s results as
discontinued operations. In December 2010, the Company recorded net
adjustments of $21 to reduce a previously recorded liability
relating to prior discontinued operations.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The loss net of taxes from discontinued operations for 2009 was
$3,180 and is comprised of the operating results of Performance
Marketing Group of $1,661, Clifford/Bratskeir Public Relations LLC
(&#x201C;Bratskeir&#x201D;) of $361 and Margeotes Fertitta Powell,
LLC (&#x201C;MFP&#x201D;) of $515 and Zig US of $643, relates to an
adjustment to a previously recorded liability.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Included in discontinued operations in the Company&#x2019;s
consolidated statements of operations for the years ended December
31 were the following:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Years Ended December 31,</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Revenue</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10,122</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9,166</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9,914</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Impairment charge</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(942</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Operating loss</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,336</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(4,271</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,563</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Other expense</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(25</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(123</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(108</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Income tax recovery</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">343</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">270</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Noncontrolling interest expense recovery</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
102</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
221</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Net loss from discontinued operations</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,361</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,949</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,180</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
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At December 31, 2011, $4,060 and $1,332 was included in other
current assets and other current liabilities, respectively, which
represent assets held for sale and related liabilities.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2941-110230<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1436-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6390789&amp;loc=d3e2443-110228<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43-48<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1474-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1020-107759<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1510-107760<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e1012-107759<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ER3AE">
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          <div style="width: 200px;"><strong>Document and Entity Information (USD $)<br></strong></div>
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          <div>Dec. 31, 2011</div>
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          <div>Mar. 01, 2012

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        <td class="text">Dec. 31,
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td>dei:yesNoItemType</td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_TradingSymbol</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td>xbrli:normalizedStringItemType</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Bank Debt, Long-Term Debt and Convertible Notes<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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11. Bank Debt, Long-Term Debt and Convertible Notes</h2>
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At December 31, the Company&#x2019;s indebtedness was comprised as
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Revolving credit facility</td>
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38,032</td>
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&#x2014;</td>
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11% notes due 2016</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
345,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
290,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Original issue discount</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(561</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(6,843</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Note payable and other bank loans</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,266</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,400</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
383,737</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
284,557</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Obligations under capital leases</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,437</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,659</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
385,174</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
286,216</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Less:<br /></td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Current portion</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,238</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,667</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
383,936</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
284,549</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Interest expense related to long-term debt for the years ended
December 31, 2011, 2010 and 2009 was $39,044, $30,429 and $18,057,
respectively. For the years ended December 31, 2011, 2010 and 2009,
interest expense included $232, $848 and $204 amortization of the
original issue discount, respectively, net of amortized premium of
$943, $197 and nil, respectively, and $702, $922, and nil, of
present value adjustments for fixed deferred acquisition payments,
respectively.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The amortization and write off of deferred finance costs included
in interest expense were $1,944, $1,288 and $3,837 for the years
ended December 31, 2011, 2010, and 2009, respectively.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Issuance of 11% Notes</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On October 23, 2009, the Company and its wholly-owned subsidiaries,
as guarantors, issued and sold $225,000 aggregate principal amount
of 11% Notes due 2016 (the &#x201C;11% Notes&#x201D;). The 11% Notes
bear interest at a rate of 11% per annum, accruing from October 23,
2009. Interest is payable semiannually in arrears in cash on May 1
and November 1 of each year, beginning on May 1, 2010. The 11%
Notes will mature on November 1, 2016, unless earlier redeemed or
repurchased. The Company received net proceeds before expenses of
$208,881, which included an original issue discount of
approximately 4.7% or $10,494, and underwriter fees of $5,624. The
11% Notes were sold in a private placement in reliance on
exemptions from registration under the Securities Act of 1933, as
amended. The Company used the net proceeds of this offering to
repay the outstanding balance and terminate its prior Fortress
Financing Agreement, and redeemed its outstanding 8% C$45,000
convertible debentures on November 26, 2009.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company may, at its option, redeem the 11% Notes in whole at
any time or in part from time to time, on and after November 1,
2013 at a redemption price of 105.500% of the principal amount
thereof. If redeemed during the twelve-month period beginning on
November 1, 2014, at a redemption price of 102.750% of the
principal amount thereof if redeemed during the twelve-month period
beginning on or after November 1, 2015 and equal to redemption
price of 100% of the principal amount thereof. (Prior to November
1, 2013, the Company may, at its option, redeem some or all of the
11% Notes at a price equal to 100% of the principal amount of the
Notes plus a &#x201C;make whole&#x201D; premium and accrued and
unpaid interest.) The Company may also redeem, at its option, prior
to November 1, 2012, up to 35% of the 11% Notes with the proceeds
from one or more equity offerings at a redemption price of 11% of
the principal amount thereof. If the Company experiences certain
kinds of changes of control (as defined in the Indenture), holders
of the 11% Notes may require the Company to repurchase any 11%
Notes held by them at a price equal to 101% of the principal amount
of the 11% Notes plus accrued and unpaid interest.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In connection with these transactions, the Company wrote-off $323
of deferred financing costs relating to its prior convertible
debentures.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On May 14, 2010, the Company and its wholly-owned subsidiaries, as
guarantors, issued and sold $65,000 aggregate principal amount of
11% Notes due 2016. The additional notes were issued under the
Indenture governing the 11% notes and treated as a single series
with the original 11% notes. The additional notes were sold in a
private placement in reliance on exemptions from registration under
the Securities Act of 1933, as amended. The Company received net
proceeds before expenses of $67,208, which included an original
issue premium of $2,600, and underwriter fees of $392. The Company
used the net proceeds of the offering to repay the outstanding
balance under the Company&#x2019;s revolving WF Credit Agreement
described elsewhere herein, and for general corporate purposes,
including acquisitions.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On April 19, 2011, the Company and its wholly-owned subsidiaries,
as guarantors, issued and sold an additional $55,000 aggregate
principal amount of 11% Notes due 2016. The additional notes were
issued under the Indenture governing the 11% Notes and treated as a
single series with the original 11% Notes. The additional notes
were sold in a private placement in reliance on exceptions from
registration under the Securities Act of 1933, as amended. The
Company received net proceeds before expenses of $59,580, which
included an original issue premium of $6,050, and underwriter fees
of $1,470. The Company used the net proceeds of the offering to
repay the outstanding balance under the Company&#x2019;s WF Credit
Agreement described elsewhere herein, and for general corporate
purposes.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
At December 31, 2011 and 2010, the Company had issued $5,830 and
$6,018 of undrawn outstanding Letters of Credit, respectively.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
At December 31, 2011 and 2010, accounts payable included $3,350 and
$9,026 of outstanding checks, respectively.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Credit Agreement</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On October 23, 2009, the Company and its subsidiaries entered into
a $75,000 five year senior secured revolving WF Credit Agreement
(the &#x201C;WF Credit Agreement&#x201D;) with Wells Fargo Foothill,
LLC, as agent, and the lenders from time to time party thereto. On
November 22, 2010, this agreement was amended to increase the
availability under the facility to $100,000. On April 2011, the
Company entered into an additional amendment to increase the
availability under the facility to $150,000 and extend the maturity
date to October 23, 2015. The WF Credit Agreement replaced the
Company&#x2019;s existing $185,000 senior secured financing
agreement with Fortress Credit Corp., as collateral agent, Wells
Fargo Foothill, Inc., as administrative agent. Advances under the
WF Credit Agreement will bear interest as follows: (a)(i) LIBOR
Rate Loans bear interest at the LIBOR Rate and (ii) Base Rate Loans
bear interest at the Base Rate, plus (b) an applicable margin. The
initial applicable margin for borrowing is 2.25% in the case of
Base Rate Loans and 2.50% in the case of LIBOR Rate Loans. The
applicable margin may be reduced subject to the Company achieving
certain trailing twelve month earning levels, as defined. In
addition to paying interest on outstanding principal under the WF
Credit Agreement, the Company is required to pay an unused revolver
fee to lenders under the WF Credit Agreement in respect of unused
commitments thereunder.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The WF Credit Agreement is guaranteed by all of the Company&#x2019;s
present and future subsidiaries, other than immaterial subsidiaries
(as defined) and is secured by substantially all the assets of the
Company. The WF Credit Agreement includes covenants that, among
other things, restrict the Company&#x2019;s ability and the ability
of its subsidiaries to incur or guarantee additional indebtedness;
pay dividends on or redeem or repurchase the capital stock of MDC;
make certain types of investments; pay dividends; incur certain
liens, sell or otherwise dispose of certain assets; enter into
transactions with affiliates; enter into sale and leaseback
transactions; and consolidate or merge with or into, or sell
substantially all of the Company&#x2019;s assets to, another person.
These covenants are subject to a number of important limitations
and exceptions. The WF Credit Agreement also contains financial
covenants, including a senior leverage ratio, a total leverage
ratio, a fixed charge coverage ratio and a minimum earnings level,
as defined.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In connection with these transactions, the Company incurred a
termination fee of $1,850 and wrote-off $2,240 of deferred
financing costs relating to its prior Fortress Financing
Agreement.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company is currently in compliance with all of the terms and
conditions of its WF Credit Agreement, and management believes,
based on its current financial projections and strategic
initiatives, that the Company will be in compliance with covenants
over the next twelve months.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Future Principal Repayments</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Future principal repayments, including capital lease obligations,
for the years ended December 31, and in aggregate are as
follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Period</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amount</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2012</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,238</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2013</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,128</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2014</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">192</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2015</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">107</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2016</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
345,038</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2017 and beyond</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
347,703</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Capital Leases</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Future minimum capital lease payments for the years ended December
31 and in aggregate are as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Period</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amount</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2012</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">698</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2013</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">493</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2014</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">209</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2015</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">112</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2016</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">39</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2017 and thereafter</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,551</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Less: imputed interest</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(114</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,437</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Less: current portion</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(638</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
799</td>
</tr>
</table>
</div>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EQLBG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 8,096<span></span></td>
        <td class="nump">$ 10,949<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, less allowance for doubtful accounts of $851 and $1,990</a></td>
        <td class="nump">238,592<span></span></td>
        <td class="nump">195,306<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_ExpendituresBillableCurrent', window );">Expenditures billable to clients</a></td>
        <td class="nump">39,067<span></span></td>
        <td class="nump">30,414<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump">12,657<span></span></td>
        <td class="nump">13,455<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total Current Assets</a></td>
        <td class="nump">298,412<span></span></td>
        <td class="nump">250,124<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Fixed assets, net</a></td>
        <td class="nump">47,737<span></span></td>
        <td class="nump">41,053<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in affiliates</a></td>
        <td class="nump">99<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump">605,244<span></span></td>
        <td class="nump">514,488<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Other intangible assets, net</a></td>
        <td class="nump">57,980<span></span></td>
        <td class="nump">67,133<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred tax assets</a></td>
        <td class="nump">15,380<span></span></td>
        <td class="nump">21,603<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">30,893<span></span></td>
        <td class="nump">19,947<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
        <td class="nump">1,055,745<span></span></td>
        <td class="nump">914,348<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump">178,282<span></span></td>
        <td class="nump">131,074<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_AccruedExpensesAndOtherCurrentLiabilities', window );">Accrued and other liabilities</a></td>
        <td class="nump">72,930<span></span></td>
        <td class="nump">64,050<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustomerAdvancesCurrent', window );">Advance billings, net</a></td>
        <td class="nump">122,021<span></span></td>
        <td class="nump">124,993<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long-term debt</a></td>
        <td class="nump">1,238<span></span></td>
        <td class="nump">1,667<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent', window );">Deferred acquisition consideration</a></td>
        <td class="nump">51,829<span></span></td>
        <td class="nump">30,887<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total Current Liabilities</a></td>
        <td class="nump">426,300<span></span></td>
        <td class="nump">352,671<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt</a></td>
        <td class="nump">383,936<span></span></td>
        <td class="nump">284,549<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent', window );">Long-term portion of deferred acquisition consideration</a></td>
        <td class="nump">85,394<span></span></td>
        <td class="nump">77,104<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other liabilities</a></td>
        <td class="nump">14,900<span></span></td>
        <td class="nump">10,956<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liabilities</a></td>
        <td class="nump">50,724<span></span></td>
        <td class="nump">19,642<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total Liabilities</a></td>
        <td class="nump">961,254<span></span></td>
        <td class="nump">744,922<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmount', window );">Redeemable Noncontrolling Interests</a></td>
        <td class="nump">107,432<span></span></td>
        <td class="nump">77,560<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments, Contingencies and Guarantees (Note 17)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred shares, unlimited authorized, none issued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_CommonStockIssuableSharesValue', window );">Shares to be issued, 28,000 shares</a></td>
        <td class="nump">424<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_ChargesInExcessOfCapital', window );">Charges in excess of capital</a></td>
        <td class="num">(45,102)<span></span></td>
        <td class="num">(16,809)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(231,274)<span></span></td>
        <td class="num">(146,600)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock', window );">Stock subscription receivable</a></td>
        <td class="num">(55)<span></span></td>
        <td class="num">(135)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive loss</a></td>
        <td class="num">(4,658)<span></span></td>
        <td class="num">(4,148)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">MDC Partners Inc. Shareholders' Equity</a></td>
        <td class="num">(52,456)<span></span></td>
        <td class="nump">59,061<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Noncontrolling Interests</a></td>
        <td class="nump">39,515<span></span></td>
        <td class="nump">32,805<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total Equity</a></td>
        <td class="num">(12,941)<span></span></td>
        <td class="nump">91,866<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities, Redeemable Noncontrolling Interests and Equity</a></td>
        <td class="nump">1,055,745<span></span></td>
        <td class="nump">914,348<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Class A Shares</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Stock</a></td>
        <td class="nump">228,208<span></span></td>
        <td class="nump">226,752<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Class B Shares</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Stock</a></td>
        <td class="nump">$ 1<span></span></td>
        <td class="nump">$ 1<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_AccruedExpensesAndOtherCurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accrued expenses and other current liabilities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_AccruedExpensesAndOtherCurrentLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_ChargesInExcessOfCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Charges In Excess Of Capital</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_ChargesInExcessOfCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_CommonStockIssuableSharesValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Common Stock Issuable Shares, Value</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_CommonStockIssuableSharesValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_ExpendituresBillableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Production and media costs that have been incurred but have not yet been billed to clients, as well as fees that have been earned which have not yet been billed to clients.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_ExpendituresBillableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 14, 17, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Current portion of the fair value as of the acquisition date of potential payments under the contingent consideration arrangement, including cash and shares as applicable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Noncurrent portion of the fair value as of the acquisition date of potential payments under the contingent consideration arrangement, including cash and shares as applicable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessAcquisitionContingentConsiderationAtFairValueNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CustomerAdvancesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current portion of prepayments received from customers for goods or services to be provided in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CustomerAdvancesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31928-109318<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Paragraph 41, 42, 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsNetNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Paragraph 41, 42<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382870&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -Clause 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 43<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 68<br><br><br><br> -Subparagraph l<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 34<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 72<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from owners or affiliates of the reporting entity related to issuance of the entity's capital stock before cash payment is received (does not include amounts due from officers or directors). This element would also include the receivable for proceeds from the issuance of shares under employee stock option exercises which proceeds have not been received as of the reporting date due to the timing of the transaction date versus the settlement date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29,30)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 4<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6922042&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Publisher AICPA<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921628&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value (book value) of an entity's issued and outstanding stock which is not included within permanent equity in Stockholders Equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.27(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number D-98<br><br><br><br> -Paragraph 2<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 4<br><br><br><br> -Section 08<br><br><br><br> -Paragraph i<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TemporaryEquityCarryingAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fixed Assets<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">Fixed Assets</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
5. Fixed Assets</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following is a summary of the fixed assets as of December
31:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">2010</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Cost</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Accumulated<br />
Depreciation</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Net Book<br />
Value</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Cost</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Accumulated<br />
Depreciation</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Net Book<br />
Value</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Computers, furniture and fixtures</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
100,373</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(73,521</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
26,852</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
94,268</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(68,540</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
25,728</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Leasehold improvements</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
49,292</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(28,407</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
20,885</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
41,217</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(25,892</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15,325</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
149,665</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(101,928</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
47,737</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
135,485</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(94,432</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
41,053</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Included in fixed assets are assets under capital lease obligations
with a cost of $4,243, (2010&#xA0;&#x2014;&#xA0;$4,323) and
accumulated depreciation of $2,816 (2010&#xA0;&#x2014;&#xA0;$2,421).
Depreciation expense for the years ended December 31, 2011, 2010
and 2009 was $17,665, $16,447 and $16,087, respectively.</p>
</div><span></span></td>
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    </table>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13-14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Acquisitions<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationDisclosureTextBlock', window );">Acquisitions</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
4. Acquisitions</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Pro forma financial information has not been presented for the 2011
acquisitions noted below since they did not have a material effect
on the Company&#x2019;s operating results. Included in the
Company&#x2019;s consolidated statement of operations for the year
ended December 31, 2011 was revenue of $68,869 and a net loss of
$7,219 related to the 2011 acquisitions. The Company assumed
accounts receivable of $35,200 and accounts payable of $65,718 as
of the acquisition dates.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Fourth Quarter 2011 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the quarter ended December 31, 2011, the Company completed a
number of transactions. The Company, through a wholly-owned
subsidiary, acquired substantially all of the assets of RJ Palmer
LLC and a 75% interest in Trade X Partners LLC (&#x201C;Trade
X&#x201D;). These acquisitions expand the Company&#x2019;s portfolio
with another full service media buying agency as well as provides
corporate bartering services to clients and are included in the
Performance Marketing Services segment. The Company also entered
into a transaction through its subsidiary Kwittken PR LLC
(&#x201C;Kwittken&#x201D;) acquired 100% of Epoch PR Limited. Epoch
is a communications and PR agency and expands Kwittken&#x2019;s
capabilities to London and is included in the Strategic Marketing
Services segment. The Company also acquired a 51% interest in AIC
Publishing Services LP (&#x201C;AIC&#x201D;). In addition, the
Company increased its ownership to 85.3% of Veritas, to 94.0% of
656712 Ontario Limited (&#x201C;Onbrand&#x201D;), to 66.3% of
6Degrees Integrated Communications and 85% of Boom Marketing Inc.
The aggregate purchase price for these transactions has an
estimated present value at acquisition date of $26,659 and
consisted of total closing cash payments of $12,769, and additional
contingent deferred acquisition consideration, that are based on
actual financial results of the underlying businesses from 2011 to
2016 with final payments due in 2017 with an estimated present
value at acquisition date of $15,944. An allocation of the excess
purchase consideration of these acquisitions to the fair value of
the net assets acquired resulted in identifiable intangibles of
$5,434 consisting primarily of customer lists and covenants not to
compete, and goodwill of $25,091 representing the value of
assembled workforce. The identified intangible assets will be
amortized from a five to seven year period in a manner represented
by the pattern in which the economic benefits of the customer
contracts/relationships are realized. In addition, the Company has
recorded $1,237, the present value of redeemable noncontrolling
interest in relation to Trade X. The founder of Trade X has the put
option rights only upon termination without cause, disability, or
death. The Company recorded $229, the present value of
noncontrolling interest in relationship to AIC. The Company also
recorded an entry to reduce noncontrolling interests by $2,017 and
additional paid-in-capital of $1,328. The intangibles and goodwill
of $28,252 are tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The actual adjustments that the Company will ultimately make in
finalizing the allocation of purchase price to fair value of the
net assets acquired, will depend on a number of factors, including
additional information such as changes in the unaudited financial
statements.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Third Quarter 2011 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the quarter ended September 30, 2011, the Company completed
a number of acquisitions. The Company, through a wholly-owned
subsidiary, purchased a 70% interest in Concentric Partners, LLC
(&#x201C;Concentric&#x201D;) and a 65% interest in Laird + Partners,
New York LLC (&#x201C;Laird&#x201D;). The Concentric acquisition is
expected to serve as the foundation of the Company&#x2019;s
healthcare platform. The Laird acquisition increases the
Company&#x2019;s positioning in the luxury goods and retail
marketplace. Concentric and Laird are now included in the
Company&#x2019;s Strategic Marketing Services segment. In addition,
the Company increased its ownership to 100% of Redscout LLC
(&#x201C;Redscout&#x201D;), 82% of VitroRobertson LLC
(&#x201C;Vitro&#x201D;), and 91.8% of The Northstar Group of
companies. The aggregate purchase price for these transactions has
an estimated present value at acquisition date of $37,914 and
consisted of total closing cash payments of $15,972, additional
contingent deferred acquisition consideration, that are based on
actual financial results of the underlying businesses from 2011 to
2016 with final payments due in 2017 with an estimated present
value at acquisition date of $21,796. During the fourth quarter of
2011, the Company paid a $572 working capital payment. An
allocation of the excess purchase consideration of these
acquisitions to the fair value of the net assets acquired resulted
in identifiable intangibles of $4,205 consisting primarily of
customer lists and covenants not to compete, and goodwill of
$36,664 representing the value of assembled workforce. The
identified intangible assets will be amortized from a five to seven
year period in a manner represented by the pattern in which the
economic benefits of the customer contracts/relationships are
realized. In addition, the Company has recorded $5,045, the present
value of redeemable noncontrolling interest in relation to Laird,
and $6,478, the present value of noncontrolling interest in
relation to Concentric. The remaining principals of Laird have put
option rights only upon termination without cause, disability, or
death. The Company also recorded an entry to reduce noncontrolling
interests by $1,297 and additional paid-in-capital of $4,251 and
recorded shares to be issued of $424 in relation to the step ups.
The intangibles and goodwill are tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The actual adjustments that the Company will ultimately make in
finalizing the allocation of purchase price to fair value of the
net assets acquired, will depend on a number of factors, including
additional information such as changes in the unaudited financial
statements.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Second Quarter 2011 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the Quarter ended June 30, 2011, the Company increased
ownership in Communifx Partners LLC (&#x201C;Communifx&#x201D;) by
1.3%, and increased its ownership of Varick Media Management LLC
(&#x201C;Varick&#x201D;) to 100%. The aggregate purchase price for
these two step up transactions has an estimated present value at
acquisition date of $3,930 and is recorded as deferred acquisition
consideration, of which the Company paid $81. Both of these step-up
transactions were subject to put options. The Company recorded an
entry to reduce redeemable noncontrolling interests by $4,440 and
recorded an increase to additional-paid-in-capital of $509. The
amounts to be paid will be tax deductible.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
First Quarter 2011 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Effective January 31, 2011, the Company, through a wholly-owned
subsidiary, purchased 60% of the total outstanding membership
interests in Anomaly Partners, LLC (&#x201C;Anomaly&#x201D;). This
acquisition expands the Company&#x2019;s portfolio with another
creatively driven agency brand with an international presence.
Anomaly is now included in the Company&#x2019;s Strategic Marketing
Services segment. At closing, the Company paid cash of $15,000 plus
additional contingent deferred acquisition consideration, based on
actual results from 2010 to 2014 with final payments due in 2015,
with an original estimated present value of $20,951 at the date of
acquisition. During 2011, the Company made a working capital
payment of $1,854. An initial estimated allocation of the excess
purchase consideration of this acquisition to the fair value of the
net assets acquired resulted in identifiable intangibles of $4,000
(consisting primarily of customer lists and a covenant not to
compete) and goodwill of $22,297 representing the value of the
assembled workforce. The fair value of the noncontrolling interest
not acquired at the acquisition date was $7,890 based on the
Company&#x2019;s evaluation of the Company being acquired and the
purchase price paid by the Company and has been recorded as
redeemable noncontrolling interests due to put option rights which
are triggered upon such owner&#x2019;s termination without cause,
disability or death. The identified intangibles will be amortized
ranging from a five to eight-year period in a manner represented by
the pattern in which the economic benefits of the customer
contracts/relationships are realized. The intangibles and goodwill
are tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The actual adjustments that the Company will ultimately make in
finalizing the allocation of purchase price to fair value of the
net assets acquired, will depend on a number of factors, including
additional information such as changes in the unaudited financial
statements.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
2010 Acquisitions</h3>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Fourth Quarter 2010 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Effective November 30, 2010, the Company, through a wholly-owned
subsidiary, purchased 80% of the total outstanding equity interests
in each of Kenna Communications LP, an Ontario limited partnership
(&#x201C;Kenna&#x201D;), and Capital C Partners LP, an Ontario
limited partnership (&#x201C;Capital C&#x201D;). Capital C is a
full-service marketing agency providing services such as business
strategy and consumer insights, shopper monitoring, and product
innovation. Kenna delivers sales and marketing solutions to make
organizations more efficient, more productive and more effective.
The aggregate purchase price was equal to $26,300 and additional
deferred acquisition consideration, with an original estimated
present value at the acquisition date of $12,360, that is based
upon actual results from 2010 to 2015 with final payments due in
2016 of which the Company paid $343 in 2011. In addition,
performance payments of up to $5,000 may be paid in the future
based on these results and will result in stock based compensation
charges over that period. The Company recorded $19,905 as the
present value of redeemable noncontrolling interest in relation to
the Kenna and Capital C put option rights triggered upon such
owner&#x2019;s termination without cause, disability or death.
Beginning in 2016, the Company has a call for the remaining 20% of
each of Kenna and Capital C. If the Company does not exercise this
call, the operating results of Kenna and Capital C will be
allocated to the Company on a basis less than the Company&#x2019;s
ownership basis as defined. An initial estimated allocation of the
excess purchase consideration of this acquisition to the fair value
of the net assets acquired resulted in identifiable intangibles of
$10,254 (consisting of primarily customer lists and a covenant not
to compete) and goodwill of $47,297 representing the value of
assembled workforce. The identified intangible assets will be
amortized from a five to eight year period in a manner represented
by the pattern in which the economic benefits of the customer
contracts/relationships are realized. The intangibles and goodwill
are not tax deductible. Accordingly, the Company recorded a
deferred tax liability of $3,188 representing the future benefits
relating to the amortization of the identified intangibles.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the quarter ended December 31, 2010, the Company also
completed a number of other acquisitions. The Company purchased a
51% interest in 72andSunny Partners LLC (&#x201C;72andSunny&#x201D;).
72andSunny is full service agency that conceives and executes fully
integrated campaigns across all media for top global brands. The
Company also increased its ownership of Allard Johnson
Communications Inc. (now known as Kbs+p Canada, LP) (&#x201C;Kbs+p
Canada&#x201D;) to 100%, and Company C Communications LLC
(&#x201C;Company C&#x201D;) to 100%. The aggregate purchase price
paid for these other acquisitions was equal to $35,859, and
consisted of total closing cash payments of $12,937, net of $790
repayment of loans; a $271 working capital adjustment; and
additional contingent deferred acquisition consideration, that are
based on actual financial results of the underlying business from
2010 to 2015 with final payments due in 2016 with an original
estimated present value at acquisition date of $21,861, of which
the Company paid $2,500 in December 2010 and $3,755 in 2011. An
allocation of the excess purchase consideration of this acquisition
to the fair value of the net assets acquired resulted in
identifiable intangibles of $5,690, consisting primarily of
customer lists and covenants not to compete, and goodwill of
$35,322 representing the value of assembled workforce. The
identified intangibles will be amortized ranging from a five to
seven-year period in a manner represented by the pattern in which
the economic benefits of the customer contracts/relationships are
realized. In addition, the Company has recorded $13,722, the
present value of redeemable noncontrolling interest in relation to
72andSunny. 72andSunny has put option rights only upon such
owner&#x2019;s termination without cause, disability or death. The
Company also recorded an entry to reduce redeemable noncontrolling
interests by $3,802 and additional paid-in-capital of $3,123 in
relation to the Kbs+p Canada and Company C step up. The amounts
paid and to be paid will be tax deductible in relation to the
72andSunny acquisition. However, it will not be tax deductible in
relation to the Kbs+p Canada transaction.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Third Quarter 2010 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the quarter ended September 30, 2010, the Company completed
a number of acquisitions. The Company purchased a 60% equity
interest in Relevent Partners, LLC (&#x201C;Relevent&#x201D;), a 60%
equity interest in Kwittken PR, LLC (&#x201C;Kwittken&#x201D;), and
certain assets and liabilities of Think 360 Inc. (&#x201C;Think
360&#x201D;). Relevent is a full service marketing, special events,
production and promotions company that builds brands with consumers
through experiential lifestyle, entertainment and relationship
marketing programs. Kwittken is a full service public relations and
marketing agency. Think 360 is an integrated marketing agency. The
aggregate purchase price paid for these acquisitions consisted of
total closing cash payments of $15,085, plus additional contingent
deferred acquisition consideration, that are based on the actual
financial results of the underlying businesses from 2010 to 2014,
with final payments due in 2015 with an original estimated present
value at acquisition date of $14,898 of which the Company paid
$4,417 in 2011. An allocation of the excess purchase consideration
of these acquisitions to the fair value of the net assets acquired
resulted in identifiable intangibles of $4,974, consisting
primarily of customer lists and covenants not to compete, and
goodwill of $29,083 representing the value of the assembled
workforce. The identified intangibles will be amortized ranging
from a two to seven-year period in a manner represented by the
pattern in which the economic benefits of the customer
contracts/relationships are realized. The present value of the
redeemable noncontrolling interest not acquired at the acquisition
date was $5,513. Relevent and Kwittken have put option rights upon
an employee-owner&#x2019;s termination without cause, disability or
death. The amounts paid and to be paid will be tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has also increased ownership to 100% of Zig Inc. (now
known as Crispin Porter + Bogusky Canada LP (&#x201C;CPB
Canada&#x201D;)) and purchased an additional 25% of Bruce Mau Design
LLC., increasing the Company&#x2019;s ownership to 75% The aggregate
purchase price paid for these step-ups consisted of total closing
cash payments of $3,115, plus the estimated present value at
acquisition date of additional deferred acquisition consideration
of $626. During the fourth quarter of 2010, and first nine months
of 2011, the Company made payments of $47 and $684, respectively.
In relation to these step-ups, the Company recorded an entry to
reduce redeemable noncontrolling interests by $1,365 and an entry
to reduce noncontrolling interests by $144. The Company recorded a
reduction of additional paid-in capital of $2,296 representing the
difference between the fair value of the interest and the value of
the redeemable noncontrolling interests. The amounts paid and to be
paid will not be tax deductible.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Second Quarter 2010 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Effective May 6, 2010, the Company, through a wholly-owned
subsidiary, purchased 75% of the total outstanding membership
interests in Integrated Media Solutions Partners, LLC
(&#x201C;IMS&#x201D;), which expands the Company&#x2019;s direct
response marketing capabilities. At closing, the Company paid cash
of $20,000 plus additional contingent deferred acquisition
consideration, based on actual results from 2010 to 2015 with final
payments due in 2016, with an original estimated present value of
$19,658 at the date of acquisition which includes fixed payments of
$2,216. During 2010 and 2011, the Company made payments of $666 and
$5,521, respectively. An initial estimated allocation of the excess
purchase consideration of this acquisition to the fair value of the
net assets acquired resulted in identifiable intangibles of $9,081
(consisting of primarily customer lists and a covenant not to
compete) and goodwill of $44,678 representing the value of the
assembled workforce. The fair value of the noncontrolling interest
not acquired at the acquisition date was $13,219 based in the
Company&#x2019;s evaluation of the Company being acquired and the
purchase price paid by the Company. The identified intangibles will
be amortized ranging from a five to seven-year period in a manner
represented by the pattern in which the economic benefits of the
customer contracts/relationships are realized. The intangibles and
goodwill are tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the quarter ended June 30, 2010, the Company completed a
number of acquisitions. The Company purchased a 51% equity interest
in Allison &amp; Partners LLC (&#x201C;Allison&#x201D;), a 75% equity
interest in Sloane &amp; Company LLC (&#x201C;Sloane&#x201D;), and
certain assets and liabilities of CSC&#xA0;&#x2014;&#xA0;ADPLUS, LLC
(d.b.a. Infolure) (&#x201C;Infolure&#x201D;). Allison is a full
service public relations and corporate communications agency.
Sloane is a communication firm focused on corporate positioning and
communications, financial public relations and investor relations,
and crisis and transactions communications. Infolure is a direct
marketing firm. The purchase price paid for these acquisitions
consisted of aggregate cash payments of $17,632 plus additional
contingent deferred acquisition consideration, that are based on
actual results from 2010 to 2015 with final payments due in 2016
with an original estimated present value at acquisition date of
$15,797 which includes fixed payments of $3,805. During 2010 and
2011, the Company made payments of $2,020 and $5,192, respectively.
An allocation of the excess purchase consideration of these
acquisitions to the fair value of the net assets acquired resulted
in identifiable intangibles of $9,431 consisting primarily of
customer lists and covenants not to compete, and goodwill of
$27,697 representing the value of the assembled workforce. The
identified intangibles will be amortized ranging from a five to
seven-year period in a manner represented by the pattern in which
the economic benefits of the customer contracts/relationships are
realized. In addition, the Company has recorded $6,024, the present
value of redeemable noncontrolling interests in relation to Allison
and Sloane. The Allison acquisition has put option rights upon
termination of an employee-owner&#x2019;s employment by reason of
death. The Sloane acquisition has put rights that could increase
the Company&#x2019;s ownership to 100% in 2015. The amounts paid and
to be paid will be tax deductible.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
First Quarter 2010 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Effective March 1, 2010, the Company, through a wholly-owned
subsidiary, purchased 60% of the total outstanding membership
interests in The Arsenal LLC (formerly known as Team Holdings LLC)
(&#x201C;Team&#x201D;), which expands the Company&#x2019;s
experiential marketing capabilities. At closing, the Company paid
cash of $11,000 plus additional contingent deferred acquisition
consideration, based on actual results from 2010 to 2012 with final
payments in 2013, with an original estimated present value of
$12,656, and the Company paid a working capital true-up estimated
at an additional $569. An initial estimated allocation of the
excess purchase consideration of this acquisition to the fair value
of the net assets acquired resulted in identifiable intangibles of
$5,220 (consisting of primarily customer lists and a covenant not
to compete) and goodwill of $32,993 representing the value of the
assembled workforce. The fair value of the noncontrolling interest
not acquired at the acquisition date was $15,771 based in the
Company&#x2019;s evaluation of the Company being acquired and the
purchase price paid by the Company. The identified intangibles will
be amortized up to a seven-year period in a manner represented by
the pattern in which the economic benefits of the customer
contracts/relationships are realized. During the second quarter of
2010, the Company amended the purchase agreement to include
additional deferred acquisition consideration, with a current
present value of $3,071, with final payments due in 2012. The
additional deferred acquisition consideration resulted in
additional intangibles of $3,071. During 2010 and 2011, the Company
made payments of $986 and $8,112, respectively. The intangibles and
goodwill are tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the three months ended March 31, 2010, the Company completed
a number of other acquisitions and step-ups in ownership. The
Company purchased a 76% equity interest in Communifx Partners LLC
(&#x201C;Communifx&#x201D;), substantially all of the assets of Plaid
Inc. (&#x201C;Plaid&#x201D;), an additional 15% equity interest in
Fletcher Martin, LLC (&#x201C;Fletcher Martin&#x201D;), an additional
49% equity interest in Trend Core, LLC (&#x201C;Trend Core&#x201D;),
and an additional 1% equity interest in HL Group Partners, LLC
(&#x201C;HL Group&#x201D;). Communifx builds and manages large-scale
customer database solutions to enable the planning, execution, and
measurement of multi-channel marketing and advertising programs.
Plaid is a marketing services business with a concentration in the
digital communication and social media arena. The Company purchased
the additional equity interests in Fletcher Martin and HL Group
pursuant to the exercise of outstanding puts. The purchase price
paid for these acquisitions and step-ups consisted of aggregate
cash payments of $4,921 plus additional contingent payments of $576
that are based on actual results from 2010 to 2015 with final
payments due in 2016. During 2011, the Company made payments of
$267. An allocation of the excess purchase consideration of these
acquisitions to the fair value of the net assets acquired resulted
in identifiable intangibles of $1,851 consisting primarily of
customer lists and a covenant not to compete, and goodwill of
$2,426 representing the value of the assembled workforce. The
identified intangibles will be amortized up to a seven-year period
in a manner represented by the pattern in which the economic
benefits of the customer contracts/relationships are realized. In
addition, the Company has recorded $710, the present value of
redeemable noncontrolling interests in relation to Communifx. The
Communifx acquisition has put/call rights that could increase the
Company&#x2019;s ownership to 100% in 2013. In relation to the step
up acquisitions, the Company recorded an entry to reduce Redeemable
Noncontrolling Interests by $1,116. The amount paid to the employee
over fair value, $608, was recorded as a stock-based compensation
charge. The Company recorded a reduction of additional paid-in
capital of $1,623 representing the difference between the fair
value of the shares and the value of the Redeemable Noncontrolling
Interests. The amounts paid and to be paid will be tax
deductible.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
2009 Acquisitions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In December 2009, the Company paid an additional $38,974 pursuant
to the CPB purchase agreement originally entered into in November
2008 with the founders of Crispin Porter &amp; Bogusky LLC
(&#x201C;CPB&#x201D;). In connection with this transaction, the
Company recorded $14,067 as deferred acquisition consideration,
$1,450 was paid in January 2010, $433 was reversed as an adjustment
and the balance was paid in April 2010. This purchase price payment
was pursuant to an accelerated exercise of a call option that was
exercised by the Company in November 2008 (the Company increased
its ownership from 77% to 94%). Because CPB was originally
consolidated as a VIE, the Company reduced Redeemable
Noncontrolling Interests by $17,809. The Company recorded
additional goodwill of $31,253 and identifiable intangible backlog
of $3,979. The amount recorded related to the 17% step up from
November 2008. The backlog was amortized over one month. In
addition, the Company recorded a stock-based charge of $3,074 for
amounts paid by the former shareholder to CPB employees. The
Goodwill will be tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On December 31, 2009, the Company acquired an additional 3%
interest in VitroRobertson increasing its holdings from 79% to 82%.
The purchase price totaled $845 and was paid in cash. The Company
recorded an entry to reduce Redeemable Noncontrolling Interests by
$266. The amount paid over fair value, $370, was recorded as a
stock-based compensation charge. The Company recorded a reduction
of additional paid-in capital of $209 representing the difference
between the fair value of the shares and the value of the
Redeemable Noncontrolling Interests. As this purchase was pursuant
to the exercise of an existing put/call option, no additional
intangibles have been recorded. The Goodwill will be tax
deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On December 1, 2009, the Company agreed to make an early payment to
KBP Management Partners LLC originally due in March 2010 pursuant
to the purchase agreement entered into in November 2007. The
additional payment totaled $14,870, of which $10,140 was paid in
cash in December 2009 and $4,215 was paid in March 2010 with the
balance potentially due in March 2011, recorded as deferred
acquisition consideration. This additional payment was accounted
for as additional goodwill. In addition, pursuant to an existing
phantom stock arrangement, a stock-based compensation charge of
$3,028 has been recorded for amounts paid by KBP Management
Partners to phantom equity holders. The Goodwill will be tax
deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On October 5, 2009, the Company purchased the remaining 6%
outstanding interest in CPB for an estimated fixed and contingent
purchase price. The estimated purchase price of $9,818 is included
in deferred acquisition consideration and includes $518 of fixed
payments to be paid in 2013. The Company recorded a reduction of
$8,596 to Redeemable Noncontrolling Interests and $704 to
additional paid in capital. The fixed payments of $518 are
allocated to identifiable intangibles and will be amortized over 3
years.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On August 31, 2009, the Company, through HL Group Partners LLC
(&#x201C;HL Group&#x201D;), acquired a 51% interest in Attention
Partners LLC (&#x201C;Attention&#x201D;), a social media agency that
further expands HL Group&#x2019;s business capabilities. At closing,
the HL Group paid $1,000 and made a capital contribution of $400 to
Attention. In addition, HL Group recorded estimated contingent
payments totaling $1,313 due in 2010 and 2011 as deferred
acquisition consideration. During 2010, the Company paid $1,022 and
recorded adjustments of $113 to increase the deferred acquisition
consideration to $404 with the balance potentially due in March
2011. This was paid in 2011. The allocation of the excess purchase
consideration of this acquisition to the fair value of the net
assets acquired resulted in identifiable intangibles of $544
(consisting of primarily of customer lists and a covenant not to
compete) and goodwill of $3,057 representing the value of the
assembled workforce. The fair value of the noncontrolling interests
not acquired at the acquisition date was $2,431 based on the
Company&#x2019;s evaluation of the Company being acquired, the
purchase price paid by the Company. The identified intangibles will
be amortized up to a three-year period in a manner represented by
the pattern in which the economic benefits of the customer
contracts/relationships are realized. The intangibles and goodwill
are tax deductible.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On July 1, 2009, the Company, through Crispin Porter &amp; Bogusky
LLC (&#x201C;CPB&#x201D;), acquired 100% of the preferred shares and
52% of the common shares of Crispin Porter &amp; Bogusky Europe AB
(formerly known as &#x201C;daddy&#x201D;), a digital agency based in
Sweden that has created a foothold in Europe for CPB. At closing,
CPB paid $3,052 plus an additional $50 deferred payment. Also in
December 2009, CPB called an additional 24% and made a payment of
80% of the purchase price of $188. An additional amount of $50 is
recorded as deferred acquisition consideration. The Company has
additional calls and the noncontrolling owners have reciprocal puts
on the remaining 24% of the common shares, which are exercisable
beginning January 2012. The current estimated cost of these puts
and calls is approximately $6,600 and has been recorded as
Redeemable Noncontrolling Interests. The allocation of the excess
purchase consideration of this acquisition to the fair value of the
net assets acquired resulted in identifiable intangibles of $650
(consisting primarily of customer lists and a covenant not to
compete) and goodwill of $8,533 representing the value of the
assembled workforce. The identified intangibles will be amortized
up to a three-year period in a manner represented by the pattern in
which the economic benefits of the customer contracts/relationships
are realized. The intangibles and goodwill are not tax deductible.
Accordingly, CPB recorded a deferred tax liability of $221
representing the future tax benefits relating to the amortization
of the identified intangibles.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Effective January 22, 2009, the Company acquired an additional 8.9%
of equity interests in HL Group, thereby increasing MDC&#x2019;s
ownership to 64.9%. The purchase price totaled $1,100 and was paid
in cash at closing. The Company recorded an entry to reduce
Redeemable Noncontrolling Interests, as this purchase was pursuant
to the early exercise of an existing put/call option. Accordingly,
no additional intangibles have been recorded. However, the amount
of the purchase price will be tax deductible.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
Noncontrolling Interests</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Changes in the Company&#x2019;s ownership interests in our less than
100% owned subsidiaries during the three years ended December 31,
2011 were as follows:</p>
<h1 style="TEXT-ALIGN: center; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 9pt">
Net Loss Attributable to MDC Partners Inc. and<br />
Transfers (to) from the Noncontrolling Interest</h1>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Year Ended December 31,</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net Loss attributable to MDC Partners Inc.</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(84,674</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(15,440</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(18,324</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Transfers (to) from the noncontrolling interest<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Decrease in MDC Partners Inc. paid-in capital for purchase of
equity interests in excess of Redeemable Noncontrolling
Interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(6,328</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,761</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(923</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Increase (Decrease) in MDC Partners Inc. paid in capital from
issuance of equity interests</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,147</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
158</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Net transfers to noncontrolling interest</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,475</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,603</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(923</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
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<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Change from net loss attributable to MDC Partners Inc. and
transfers to noncontrolling interest</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(92,149</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(23,043</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(19,247</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51, 52<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1524-128463<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 88-16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1486-128463<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4845-128472<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Party Transactions<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions</a></td>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
16. Related Party Transactions</h2>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
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<td style="WIDTH: 1px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 20px">(a)</td>
<td style="TEXT-ALIGN: left">The Company incurred fees and paid
cash incentive awards totaling $3,375, $1,343 and $3,495 in 2011,
2010 and 2009, respectively, relating to companies controlled by
the Chairman and Chief Executive Officer (&#x201C;CEO&#x201D;) of the
Company in respect of services rendered pursuant to a management
services agreement and incentive plans.</td>
</tr>
</table>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On April 27, 2007, the Company entered into a new Management
Services Agreement (the &#x201C;Services Agreement&#x201D;) with
Miles Nadal and with Nadal Management, Inc. to set forth the terms
and conditions on which Mr. Nadal continues to provide services to
the Company as its Chief Executive Officer. The Services Agreement
has a three-year term with automatic one-year extensions. Pursuant
to the Services Agreement, the annual base compensation for Mr.
Nadal&#x2019;s services was increased to $1,500, effective April 27,
2010. The Services Agreement also provides for an annual bonus with
a targeted payout of up to 250% of the base compensation. The
Company also makes an annual cash payment of $500 in respect of
retirement benefits, employee health benefits and perquisites. In
addition, in the discretion of the Compensation Committee, the
Company may grant long term equity incentives with a grant-date
value of up to 300% of the then current base retainer. In addition
during 2011, 2010 and 2009, in accordance with the Services
Agreement, Mr. Nadal repaid to the Company an additional $102, $95
and $95, respectively, of loans due to the Company.</p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
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<td style="WIDTH: 1px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 20px">(b)</td>
<td style="TEXT-ALIGN: left">Pursuant to the amended Services
Agreement, the Company agreed to provide to its CEO, Miles S. Nadal
a special bonus of C$10,000 ($10,088) upon the first to occur of
(i) the average market price of the Company&#x2019;s Class A
subordinate voting shares is C$30 ($30) per share or more for more
than 20 consecutive trading days (measured as of the close of
trading on each applicable date) or (ii) a change of control of the
Company. This bonus is payable until the date that is three years
after the date on which Mr. Nadal is no longer employed by the
Company for any reason. The after-tax proceeds of such bonus are to
be applied first as repayment of any outstanding loans due to the
Company from this officer and his related companies in the amount
of C$5,953 (US$5,853), as at December 31, 2011, which has been
reserved for in the Company&#x2019;s accounts. These loans have no
stated maturity date.</td>
</tr>
</table>
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<td style="WIDTH: 1px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 20px">(c)</td>
<td style="TEXT-ALIGN: left">In 2000, the Company purchased
1,600,000 shares in Trapeze Media Limited (&#x201C;Trapeze&#x201D;)
for $215. At the same time, the Company&#x2019;s CEO purchased
4,280,000 shares of Trapeze for $576, the Company&#x2019;s former
Chief Financial Officer and a Managing Director of the Company each
purchased 50,000 Trapeze shares for $7 and a Board Member of the
Company purchased 75,000 shares of Trapeze for $10. In 2001, the
Company purchased an additional 1,250,000 shares for $161, and the
Company&#x2019;s CEO purchased 500,000 shares for $64. In 2002, the
Company&#x2019;s CEO purchased 3,691,930 shares of Trapeze for $470.
All of these purchases were made at identical prices (C$.20/share).
In 2003, the Company and the CEO exchanged their units in Trapeze
for non-voting shares and entered into a voting trust
agreement.</td>
</tr>
</table>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2010 and 2009, Trapeze provided services to certain
subsidiaries, the total amount of such services provided were $70
and $105, respectively. In addition, in 2011, 2010 and 2009, a
subsidiary provided Trapeze with $390, $300 and $304 of services,
respectively. Trapeze did not provide any services to MDC or its
subsidiaries in 2011.</p>
</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 3A<br><br> -Section 04<br><br> -Paragraph b<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph k<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Share Capital<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Share Capital</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
12. Share Capital</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The authorized share capital of the Company is as follows:</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
(a) Authorized Share Capital</h3>
<h5 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Class A Shares</h5>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
An unlimited number, subordinate voting shares, carrying one vote
each, entitled to dividends equal to or greater than Class B
shares, convertible at the option of the holder into one Class B
share for each Class A share after the occurrence of certain events
related to an offer to purchase all Class B shares.</p>
<h5 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Class B Shares</h5>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
An unlimited number, carrying 20 votes each, convertible at any
time at the option of the holder into one Class A share for each
Class B share.</p>
<h5 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 24px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Preferred A Shares</h5>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
An unlimited number, non-voting, issuable in series.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has not paid dividends on any class of shares during
the year ended December 31, 2009.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
(b) 2011 Share Capital Transactions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the year ended December 31, 2011, Class A share capital
increased by $1,456. The Company issued 504,919 shares related to
vested restricted stock, 113,085 shares related to the exercise of
outstanding stock options and 130,932 shares related to the
exercise of outstanding stock appreciation rights, increasing share
capital by $5,577.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2011, the Company&#x2019;s employees surrendered 230,262
Class A shares valued at $4,121 in connection with the required tax
withholding from the vesting of various equity awards. The Company
paid these withholding taxes on behalf of the related employees.
These shares were subsequently retired and no longer remain
outstanding as of December 31, 2011.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Additional paid-in capital decreased by $28,293 and was
reclassified to changes in excess of capital. The decrease related
to $4,468 for vesting of restricted stock and stock appreciation
rights, $7,475 relating to transactions with noncontrolling
interests, $21,511 of dividends paid and to be paid, $24,532 for
changes in the redemption value of redeemable noncontrolling
interests, and $23 for options exercised. These decreases were
offset by $22,709 relating to an increase from stock-based
compensation and $7,007 of acquisition purchase price
adjustments.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
(c) 2010 Share Capital Transactions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the year ended December 31, 2010, Class A share capital
increased by $8,220. The Company issued 1,367,271 shares relating
to vested restricted stock, 6,495 shares related to the exercise of
outstanding stock options and 101,107 shares related to the
exercise of outstanding stock appreciation rights, increasing share
capital by $11,700.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2010, the Company&#x2019;s employees surrendered 282,954
Class A shares valued at $3,480 in connection with the required tax
withholding from the vesting of various equity awards. The Company
paid these withholding taxes on behalf of the related employees.
These shares were subsequently retired and no longer remain
outstanding as of December 31, 2010.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Additional paid-in capital decreased by $9,174, of which $11,640
related to the vesting of restricted stock and stock appreciation
rights, $7,603 relating to transactions with noncontrolling
interests, dividends paid and to be paid of $10,194, changes in the
redemption value of redeemable noncontrolling interests of $11,500.
These decreases were offset by $14,954 relating to an increase from
stock-based compensation and $16,809 transferred to charges in
excess of capital.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
(d) 2009 Share Capital Transactions</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During the year ended December 31, 2009, Class A share capital
increased by $4,999. The Company issued 620,393 shares related to
vested restricted stock, 47,625 shares related to the exercise of
outstanding stock options and 68,261 shares related to the exercise
of outstanding stock appreciation rights, increasing share capital
by $5,595.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2009, the Company&#x2019;s employees surrendered 156,481
Class A shares valued at $596 in connection with the required tax
withholding resulting from the vesting of various equity awards.
The Company paid these withholding taxes on behalf of the related
employees. These shares were subsequently retired and no longer
remain outstanding as of December 31, 2009.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Additional paid-in capital decreased by $24,296, of which $31,653
related to the recording of existing put options (Note 2), $5,225
related to the vesting of restricted stock and stock appreciation
rights, $923 related to acquisitions, and other charges of $215.
These decreases were offset by $13,720 relating to increase from
stock-based compensation.</p>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
(e) Employee Stock Incentive Plan</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On May 26, 2005, the Company&#x2019;s shareholders approved the
Company&#x2019;s 2005 Stock Incentive Plan (the &#x201C;2005
Incentive Plan&#x201D;). The 2005 Incentive Plan authorizes the
issuance of awards to employees, officers, directors and
consultants of the Company with respect to 2,000,000 shares of MDC
Partners&#x2019; Class A Subordinate Voting Shares or any other
security in to which such shares shall be exchanged. On June 1,
2007 and on June 2, 2009, the Company&#x2019;s shareholders approved
a total additional authorized Class A Shares of 2,500,000 to be
added to the 2005 Incentive Plan for a total of 4,500,000
authorized Class A Shares. On May 30, 2008, the Company&#x2019;s
shareholders approved the 2008 Key Partner Incentive Plan, which
provides for the issuance of 600,000 Class A Shares. On June 1,
2011, the Company&#x2019;s shareholders approved the 2011 Stock
Incentive Plan, which provides for the issuance of up to 2,000,000
Class A Shares. As of December 31, 2011, the Company has granted
200,000 Director options (of which 100,000 were forfeited), which
option grants were for a ten-year term and vests over five (5)
years from the grant date under the 2005 Incentive Plan.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following table summarizes information about time based and
financial performance-based restricted stock and restricted stock
unit awards granted under the 2005 Incentive Plan, 2008 Key Partner
Incentive Plan and 2011 Stock Incentive Plan:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">Performance Based Awards</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">Time Based Awards</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Shares</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average Grant<br />
Date Fair Value</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Shares</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average Grant<br />
Date Fair Value</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2008</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,137,863</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.05</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
829,531</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7.57</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
179,927</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7.15</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(545,747</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7.95</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(74,646</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.19</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Forfeited</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(34,158</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7.88</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,652</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10.04</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
557,958</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.17</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
924,160</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7.33</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
753,209</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.83</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
258,223</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10.28</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(804,300</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.37</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(562,971</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.60</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Forfeited</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(4,944</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.88</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,345</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.13</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
501,923</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.83</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
616,067</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7.40</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,097,754</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
18.39</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
297,520</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
16.93</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(217,697</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
12.74</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(287,234</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5.17</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Forfeited</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,423</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
14.59</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(41,454</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.79</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,380,557</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15.81</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
584,899</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
12.86</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The total fair value of restricted stock and restricted stock unit
awards, which vested during the year ended December 31, 2011, 2010
and 2009 was $8,269, $14,976 and $5,022, respectively. In
connection with the vesting of these awards, the Company realized a
tax deduction of $7,280, $3,431 and $414 in 2011, 2010 and 2009,
respectively. At December 31, 2011, the weighted average remaining
contractual life for performance based awards is 2.0 years and for
time based awards is 1.7 years. At December 31 2011, the fair value
of all restricted stock and restricted stock unit awards is
$26,298. The term of these awards is three years with vesting up to
three years. At December 31, 2011, the unrecognized compensation
expense for these awards was $16,612 and will be recognized through
2014. At December 31, 2011, there are 2,511,742 awards available to
grant.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company&#x2019;s Board of Directors adopted the 2005 Incentive
Plan as a replacement for MDC Partners&#x2019; Amended and Restated
Stock Option Incentive Plan (the &#x201C;Prior 2003 Plan&#x201D;).
Following approval of the 2005 Incentive Plan, the Company ceased
making awards under the Prior 2003 Plan.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Prior to adoption of the 2005 Incentive Plan, the Company&#x2019;s
Prior 2003 Plan provided for grants of up to 1,890,786 options to
employees, officers, directors and consultants of the Company. All
the options granted were for a term of five years from the date of
the grant and vest 20% on the date of grant and a further 20% on
each anniversary date. In addition, the Company granted 534,960
options, on the privatization of Maxxcom, with a term of no more
than 10 years from initial date of grant by Maxxcom and vest 20% in
each of the first two years with the balance vesting on the third
anniversary of the initial grant.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Information related to share option transactions grant under all
plans over the past three years is summarized as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">Options Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">Options Exercisable</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Number<br />
Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Number<br />
Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Non Vested<br />
Options</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2008</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
458,835</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.49</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
393,835</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.69</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
65,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(20,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Exercised</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(47,625</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.76</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expired and cancelled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(171,218</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
12.22</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
239,992</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.55</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
194,992</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.64</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
45,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(20,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Exercised</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(6,495</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.19</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expired and cancelled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(17,297</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17.08</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
216,200</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.41</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
191,200</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.41</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
25,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(20,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Exercised</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(113,085</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.94</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Expired and cancelled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(15,034</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
12.57</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
88,081</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.12</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
83,081</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.14</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,000</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
At December 31, 2011, the intrinsic value of vested options and the
intrinsic value of all options was $352 and $375, respectively. For
options exercised during 2011 and 2010, the Company received cash
proceeds of $1,011 and $60, respectively. The Company did not
receive any windfall tax benefits. The intrinsic value of options
exercised during 2011 and 2010 was $900 and $20, respectively. At
December 31, 2011, the weighted average remaining contractual life
of all outstanding options was 4.1 years and for all vested options
was 4.0 years. At December 31, 2011, the unrecognized compensation
expense of all options was $14 and will be recognized through
2012.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Share options outstanding as of December 31, 2011 are summarized as
follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Options Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">Options Exercisable</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Range of Exercise Prices</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Outstanding<br />
Number</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Contractual<br />
Life</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Exercisable<br />
Number</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Contractual<br />
Life</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
$5.16&#xA0;&#x2013;&#xA0;$7.74</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,365</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.53</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6.97</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,365</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6.97</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.53</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
$7.75&#xA0;&#x2013;&#xA0;$9.64</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
80,716</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.44</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.32</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
75,716</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.36</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.36</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
(f) Stock Appreciation Rights</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2003, the Compensation Committee of the Board of Directors
approved a stock appreciation rights (&#x201C;SAR&#x2019;s&#x201D;)
compensation program for senior officers and directors of the
Company. SARS&#x2019;s granted prior to 2006 have a term of four
years, for SAR&#x2019;s granted in 2006 and after they have a term
of up to 10 years and all awards vest one-third on each anniversary
date.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
SAR&#x2019;s granted and outstanding are as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">SAR&#x2019;s Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">SAR&#x2019;s Exercisable</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Number<br />
Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Number<br />
Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Non Vested<br />
SAR&#x2019;s</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2008</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
245,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.74</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
238,334</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
9.80</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,666</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(6,666</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,744,686</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.76</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,744,686</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Exercised</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(172,759</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.72</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(172,759</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Expired and cancelled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(298,158</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.22</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(83,158</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,518,769</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.80</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
30,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.18</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,488,769</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,747,034</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Exercised</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(187,666</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.19</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(187,666</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Expired and cancelled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,331,103</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.78</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,777,034</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.77</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,554,069</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(290,089</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Exercised</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(172,974</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.23</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(172,974</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Expired and cancelled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance at December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,158,129</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.75</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,067,123</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.75</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,091,006</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
At December 31, 2011, the aggregate amount of shares to be issued
on vested SAR&#x2019;s was 1,488,498 shares with an intrinsic value
of $19,872 and for all outstanding SAR&#x2019;s, the aggregate
amount of shares to be issued was 2,272,588 with an intrinsic value
of $30,407. During 2011, 2010 and 2009, the aggregate value of
SAR&#x2019;s exercised was $2,289, $1,147 and $407, respectively.
The Company received tax deductions of $387 and $180 in 2011 and
2010, respectively. At December 31, 2011, the weighted average
remaining contractual life of all outstanding SAR&#x2019;s was 2.2
years and for all vested SAR&#x2019;s was 2.2 years. At December 31,
2011, the unrecognized compensation expense of all SAR&#x2019;s was
$61 and will be recognized through 2012.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">SAR&#x2019;s Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="11">SAR&#x2019;s Exercisable</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Range of Exercise Prices</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Outstanding<br />
Number</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Contractual<br />
Life</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Exercisable<br />
Number</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Contractual<br />
Life</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
$3.72&#xA0;&#x2013;&#xA0;$6.60</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,148,129</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.17</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.74</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,057,123</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3.72</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2.17</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
$6.61&#xA0;&#x2013;&#xA0;$8.95</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.33</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.95</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8.95</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4.33</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<h3 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold italic 10pt/12pt serif; PADDING-TOP: 5pt">
(h) Equity Value Appreciation Awards</h3>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In January 2011, the Company awarded 1,413,000 extraordinary Equity
Value Appreciation Awards (&#x201C;EVARs&#x201D;) to its employees.
These EVARs may result in the issuance of up to 1,413,000
restricted stock units and restricted stock shares
(&#x201C;RSUs&#x201D;), but only upon the achievement of
extraordinary stock performance targets. If issued the RSUs
underlying the EVAR grant will vest on December 31, 2013.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company measured the fair value of EVARs using a lattice based
model (Monte Carlo) on the grant date.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Information related to EVAR transactions over the past three years
is summarized as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">EVARs Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">EVARs Exercisable</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Number<br />
Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Issuance<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Number Outstanding</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Weighted<br />
Average<br />
Issuance<br />
Price per<br />
Share</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Non Vested<br />
EVARs</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Vested</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Granted</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,413,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
23.00</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,413,000</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Expired and cancelled</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
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(45,000</td>
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)<!-- PERCENT -->&#xA0;</td>
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23.00</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
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<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
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<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
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<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(45,000</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
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Balance, December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
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1,368,000</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
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23.00</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;&#x2014;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
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<!-- $ -->&#xA0;</td>
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1,368,000</td>
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<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The grant date fair value of these EVARs was $13,240. At December
31, 2011, the weighted average remaining contractual life for these
awards is two years. At December 31, 2011, the unrecognized
compensation expense of these awards is $8,790 and will be
recognized through 2013.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has reserved a total of 3,137,227 Class A shares in
order to meet its obligations under various conversion rights,
warrants and employee share related plans. At December 31, 2011
there were 2,511,742 shares available for future option and similar
grants.</p>
</div><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 7, 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 23: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Goodwill and Intangible Assets<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock', window );">Goodwill and Intangible Assets</a></td>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
8. Goodwill and Intangible Assets</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
As of December 31, the gross and net amounts of acquired intangible
assets were as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
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<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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<tr>
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Goodwill</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Strategic<br />
Marketing<br />
Services</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Performance<br />
Marketing<br />
Services</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Total</td>
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<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance of December 31, 2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
248,114</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
53,518</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
301,632</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Acquired goodwill</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
78,147</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
132,497</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
210,644</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Goodwill impairment</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(942</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(942</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Foreign currency translation</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,658</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,496</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,154</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance as of December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
326,977</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
187,511</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
514,488</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Acquired goodwill</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
61,944</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
23,763</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
85,707</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Acquisition purchase price adjustments</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,458</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,549</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,007</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Foreign currency translation</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(854</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,104</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,958</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance as of December 31, 2011</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
389,525</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
215,719</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
605,244</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">For the Year Ended<br />
December 31,</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Intangibles:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Trademarks (indefinite life)</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,780</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,780</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Customer relationships&#xA0;&#x2013;&#xA0;gross</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
79,154</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
68,603</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Less accumulated amortization</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(44,803</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(26,517</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Customer relationships&#xA0;&#x2013;&#xA0;net</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
34,351</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
42,086</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Other intangibles&#xA0;&#x2013;&#xA0;gross</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
16,202</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
16,926</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Less accumulated amortization</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,353</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(9,659</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Other intangibles&#xA0;&#x2013;&#xA0;net</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,849</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,267</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total intangible assets</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
113,136</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
103,309</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Less accumulated amortization</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(55,156</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(36,176</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total intangible assets&#xA0;&#x2013;&#xA0;net</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
57,980</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
67,133</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
See Note 4 for Accounting for Business Combinations.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
During 2010, the Company recorded a goodwill impairment charge of
$942, which consists of $710 relating to Fearless and $232 relating
to Zig US. Fearless was a start up company that the Company
discontinued in June 2010. Zig US&#x2019;s business operations have
been treated as discontinued as of September 30, 2010.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The total accumulated impairment charges totaled $24,845 through
December 31, 2011.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The weighted average amortization periods for customer
relationships are 5 years and other intangible assets are 6 years.
In total, the weighted average amortization period is 5 years. The
amortization expense of amortizable intangible assets for the year
ended December 31, 2011, was $22,510
(2010&#xA0;&#x2014;&#xA0;$17,631; 2009&#xA0;&#x2014;&#xA0;$17,968)
the estimated amortization expense for the five succeeding years
is:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Year</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Amortization</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2012</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
18,694</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2013</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10,217</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2014</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,888</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2015</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,835</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
2016</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">566</td>
</tr>
</table>
</div>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final.  May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16265-109275<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 42, 43, 44, 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16373-109275<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905858&amp;loc=d3e16323-109275<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13854-109267<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Accrued and Other Liabilities<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock', window );">Accrued and Other Liabilities</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
6. Accrued and Other Liabilities</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
At December 31, 2011 and 2010, accrued and other liabilities
included amounts due to noncontrolling interest holders, for their
share of profits, which will be distributed within the next twelve
months of $4,049 and $8,577, respectively.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Changes in noncontrolling interest amounts included in accrued and
other liabilities for the three years ended December 31, 2011 were
as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Noncontrolling<br />
Interests</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2008</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,856</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Income attributable to noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,566</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Distributions made</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,784</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Other<sup>(1)</sup></td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,420</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,058</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Income attributable to noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
10,074</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Distributions made</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,685</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Other<sup>(2)</sup></td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,130</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8,577</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Income attributable to noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,754</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Distributions made</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(12,264</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Other<sup>(3)</sup></td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(18</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance, December 31, 2011</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,049</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; TEXT-INDENT: 1px"></p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 1px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 20px">(1)</td>
<td style="TEXT-ALIGN: left">Other consists primarily of an
adjustment of stock based compensation charges to additional
paid-in capital relating to obligations assumed by the
non-controlling shareholders and cumulative translation
adjustments.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 1px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 20px">(2)</td>
<td style="TEXT-ALIGN: left">Other consists primarily of an
adjustment to record distributions to be made as a result of an
acquired company and cumulative translation adjustments.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 1px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 20px">(3)</td>
<td style="TEXT-ALIGN: left">Other consists primarily of cumulative
translation adjustments.</td>
</tr>
</table>
</div><span></span></td>
      </tr>
    </table>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Discloses the breakout of accrued expenses and other liabilities that are not individually material for a separate caption on the statement of financial position between the current portion (payable within 12 months of year end or the operating cycle) and non-current (payable after 12 months from year end).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
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                    <td>duration</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Financial Instruments<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsDisclosureTextBlock', window );">Financial Instruments</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
7. Financial Instruments</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Financial assets, which include cash and cash equivalents and
accounts receivable, have carrying values which approximate fair
value due to the short-term nature of these assets. Financial
liabilities with carrying values approximating fair value due to
short-term maturities include accounts payable. Deferred
acquisition consideration is recorded at fair value. Bank debt and
long-term debt are variable. rate debt, the carrying value of which
approximates fair value. The Company&#x2019;s note payable is a
fixed rate debt instrument, the carrying values of which
approximates fair value. The fair value of financial commitments,
guarantees and letters of credit, are based on the stated value of
the underlying instruments. Guarantees have been issued in
conjunction with the disposition of businesses in 2001 and 2003 and
letters of credit have been issued in the normal course of
business. The fair value for the 11% notes was approximately
$367,425 as of December 31, 2011.</p>
</div><span></span></td>
      </tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income Taxes</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
9. Income Taxes</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The components of the Company&#x2019;s income (loss) from continuing
operations before income taxes, equity in affiliates and
noncontrolling interests by taxing jurisdiction for the years ended
December 31, were:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
US</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(20,262</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,707</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,915</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Non-US</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(13,775</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,259</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(4,949</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(34,037</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,448</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,034</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The provision (benefit) for income taxes by taxing jurisdiction for
the years ended December 31, were:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Current tax provision<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
US federal</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
US state and local</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">894</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">368</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,246</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Non-US</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
557</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,840</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
318</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,451</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,208</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,564</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred tax provision (benefit):<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
US federal</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
45,110</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">428</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8,681</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
US state and local</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,750</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">501</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,347</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Non-US</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(12,576</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(6,302</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(4,056</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
40,284</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(5,373</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,972</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Income tax provision (benefit)</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
41,735</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(165</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8,536</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
A reconciliation of income tax expense using the statutory Canadian
federal and provincial income tax rate compared with actual income
tax expense for the years ended December 31, is as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss from continuing operations before income taxes, equity in
affiliates and noncontrolling interest</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(34,037</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,448</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,034</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Statutory income tax rate</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
31.0</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
31.0</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
33.0</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Tax benefit using statutory income tax rate</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,551</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(759</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(341</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
State and foreign taxes</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,450</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,909</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,045</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Non-deductible stock-based compensation</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,144</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,941</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,160</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other non-deductible expense</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,482</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">890</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">732</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Change to valuation allowance on items affecting taxable
income</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
44,230</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,986</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,656</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Additional tax reserve</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
4,100</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Noncontrolling interests</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,368</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(3,123</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,767</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other, net</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
348</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(137</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(949</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Income tax expense (benefit)</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
41,735</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(165</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
8,536</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Effective income tax rate</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
122.6</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6.7</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
825.5</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
%<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; TEXT-INDENT: 1px"></p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 1px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 20px">(1)</td>
<td style="TEXT-ALIGN: left">Included in the change in valuation
allowance in 2010 is $3,188 relating to the reversal of the
valuation allowance as a result of a non-taxable acquisition.</td>
</tr>
</table>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
See Note 10 for income taxes for discontinued operations.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The 2011 effective income tax rate was significantly higher than
the statutory rate due primarily to an increase in the valuation
allowance of $44,230 and non-deductible stock based compensation of
$7,144.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The 2010 effective income tax rate was significantly lower than the
statutory rate due primarily to an additional tax reserve of
$4,100, non-deductible stock-based compensation of $4,941, state
and foreign income taxes of $1,909 offset by a decrease in the
Company&#x2019;s valuation allowance of $7,986.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The 2009 effective income tax rate was significantly higher than
the statutory rate due primarily from the increase in the
Company&#x2019;s valuation allowance of $2,656, non-deductible
stock-based compensation of $5,160 and State and foreign income
taxes of $1,564.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Income taxes receivable were $313 and $712 at December 31, 2011 and
2010, respectively, and were included in accounts receivable on the
balance sheet. Income taxes payable were $5,381 and $4,969 at
December 31, 2011 and 2010, respectively, and were included in
accrued and other liabilities on the balance sheet. It is the
Company&#x2019;s policy to classify interest and penalties arising
in connection with the under payment of income taxes as a component
of income tax expense. For the year ended 2010, $1,093 is included
in the current provision of income tax expense relating to interest
and penalties as a result of an identified uncertain tax position.
For the years ended 2011and 2009, income tax expense does not
include any amounts for interest and penalties.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The tax effects of significant temporary differences representing
deferred tax assets and liabilities at December 31, were as
follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred tax assets:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Capital assets and other</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
33,567</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,292</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net operating loss carry forwards</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
50,274</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
41,313</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Interest deductions</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
21,792</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
18,201</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred acquisition consideration</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,070</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Stock compensation</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
2,356</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">896</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Unrealized foreign exchange</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">753</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">268</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Capital loss carry forwards</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
16,921</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,289</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Accounting reserves</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
7,026</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
6,118</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gross deferred tax asset</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
137,759</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
91,377</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Less: valuation allowance</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(118,655</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(66,459</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net deferred tax assets</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
19,104</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
24,918</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred tax liabilities:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred finance charges</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(514</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(526</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Capital assets</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(417</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(300</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Goodwill amortization</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(53,181</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(18,816</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Total deferred tax liabilities</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(54,112</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(19,642</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net deferred tax asset (liability)</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(35,008</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,276</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Disclosed as:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred tax assets</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
15,767</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
24,966</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Deferred tax liabilities</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(50,775</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(19,690</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(35,008</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
5,276</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Included in accrued and other liabilities at December 31, 2011 and
2010 is a deferred tax liability of $51 and $48, respectively.
Included in other current assets at December 31, 2011 and 2010 is a
deferred tax asset of $387 and $3,363, respectively.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has US federal net operating loss carry forwards of
$70,955 and non-US net operating loss carry forwards of $49,732,
these carry forwards expire in years 2015 through 2031. The Company
also has total indefinite loss carry forwards of $165,875. These
indefinite loss carry forwards consist of $58,704 relating to the
US and $109,171 which are related to capital losses from the
Canadian operations. In addition, the Company has net operating
loss carry forwards for various state taxing jurisdictions of
approximately $201,366.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company records a valuation allowance against deferred income
tax assets when management believes it is more likely than not that
some portion or all of the deferred income tax assets will not be
realized. Management considers factors such as the reversal of
deferred income tax liabilities, projected future taxable income,
the character of the income tax asset; tax planning strategies,
changes in tax laws and other factors. A change to these factors
could impact the estimated valuation allowance and income tax
expense.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The valuation allowance has been recorded to reduce our deferred
tax asset to an amount that is more likely than not to be realized,
and is based upon the uncertainty of the realization of certain US,
non-US and state deferred tax assets. The increase in the
Company&#x2019;s valuation allowance charged to the statement of
operations for each of the years ended December 31, 2011 and 2009
was $44,230 and $2,656, respectively. In 2010 the Company reduced
its valuation and recorded a benefit in the statement of operations
of $7,986.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Deferred taxes are not provided for temporary differences
representing earnings of subsidiaries that are intended to be
permanently reinvested. The potential deferred tax liability
associated with these undistributed earnings is not material.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
As of December 31, 2011 and 2010, the Company recorded a liability
for unrecognized tax benefits as well as applicable penalties and
interest in the amount of $4,717, respectively. The Company
identified an uncertainty relating to the future tax deductibility
of certain intercompany interest and fees, to the extent that such
future benefit will be established, the resolution of this position
will have no effect with respect to the financial statements.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Changes in the Company&#x2019;s reserve is as follows:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3"></td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance December 31, 2008</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">617</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Charges to income tax expense</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance December 31, 2009</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">617</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Charges to income tax expense</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,007</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance December 31, 2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,624</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
Charges to income tax expense</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Balance December 31, 2011</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
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<!-- $ -->$</td>
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3,624</td>
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<!-- PERCENT -->&#xA0;</td>
</tr>
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</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
We do not expect our unrecognized tax benefits to change
significantly over the next 12 months.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The Company has completed US federal tax audits through 2006 and
has completed a non-US tax audit through 2004.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Gain on Sale of Assets and Other<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2011</div>
        </th>
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<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
14. Gain on Sale of Assets and Other</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The gain on sale of assets and other for the years ended December
31 were as follows:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
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<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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<!-- GUTTER -->&#xA0;</td>
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<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
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<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Other income (expense)</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
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<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">191</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">364</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">(38</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
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<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Gain (loss) on disposition of assets</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(75</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(53</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
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&#xA0;&#xA0;</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
116</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
381</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(91</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)</td>
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</div><span></span></td>
      </tr>
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    <div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 3, 6, 7, 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3,6,7,9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Quarterly Results of Operations (Unaudited) (Restated for Discontinued Operations)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
        </th>
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19. Quarterly Results of Operations (Unaudited) (Restated for
Discontinued Operations)</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following table sets forth a summary of the Company&#x2019;s
consolidated unaudited quarterly results of operations for the
years ended December 31, 2011 and 2010, in thousands of dollars,
except per share amounts.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
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<!-- GUTTER -->&#xA0;</td>
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<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
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</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="15">Quarters</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">First</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Second</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Third</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">Fourth</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Revenue:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
215,091</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
238,020</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
235,825</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
254,338</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
133,956</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
167,704</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
176,478</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
211,008</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Cost of services sold:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
157,762</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
161,226</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
173,961</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
181,511</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
95,641</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
115,326</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
121,714</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
140,690</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Income (loss) from continuing operations:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(6,754</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
3,993</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(17,285</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(55,513</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(8,359</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2,475</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(8,498</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
17,915</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net income (loss) attributable to MDC Partners Inc.:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(8,685</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
1,323</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(19,574</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(57,742</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,186</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(5,805</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,918</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
11,469</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Income (loss) per common share:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Basic<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Continuing operations:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.30</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.05</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.66</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1.95</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.34</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.16</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.35</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.43</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net income (loss):<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.31</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.05</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.67</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1.97</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.37</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.21</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.38</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.40</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Diluted<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Continuing operations:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.30</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.05</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.66</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1.95</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.34</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.16</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.35</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.39</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Net income (loss):<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.31</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.04</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.67</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1.97</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 20pt; VERTICAL-ALIGN: text-bottom">
2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.37</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.21</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.38</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
0.36</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The above revenue, cost of services sold, and income (loss) from
continuing operations have primarily been affected by acquisitions,
divestitures and discontinued operations.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Historically, with some exceptions, the Company&#x2019;s fourth
quarter generates the highest quarterly revenues in a year. The
fourth quarter has historically been the period in the year in
which the highest volumes of media placements and retail related
consumer marketing occur.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Income (loss) from continuing operations and net loss have been
affected as follows:</p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">The fourth quarter of 2011 includes
non-cash stock based compensation charges of $5,837.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">The fourth quarter of 2010 includes
non-cash stock based compensation charges of $3,203.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">The fourth quarter of 2011 includes
deferred acquisition adjustments of $11,757 and an additional
deferred tax valuation allowance of $47,422.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left">The fourth quarter of 2010 includes
income of $3,753 for deferred acquisition consideration
adjustments.</td>
</tr>
</table>
</div><span></span></td>
      </tr>
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    <div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the quarterly financial data in the annual financial statements.  The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section G<br><br> -Subsection 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e725-108305<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 28<br><br> -Paragraph 23, 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e765-108305<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 28<br><br> -Paragraph 30<br><br> -Subparagraph a-j<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-K (SK)<br><br> -Number 229<br><br> -Section 302<br><br> -Paragraph a<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)-(j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952194&amp;loc=d3e1280-108306<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_QuarterlyFinancialInformationTextBlock</nobr></td>
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                    <td>na</td>
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                    <td>duration</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EFMAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Accounts receivable, allowance for doubtful accounts</a></td>
        <td class="nump">$ 851<span></span></td>
        <td class="nump">$ 1,990<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred shares, issued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_mdca_CommonStockIssuableSharesIssuable', window );">Shares to be issued, shares</a></td>
        <td class="nump">28,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Class A Shares</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNoParValue', window );">Common stock, no par value</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, issued</a></td>
        <td class="nump">29,277,408<span></span></td>
        <td class="nump">28,758,734<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, outstanding</a></td>
        <td class="nump">29,277,408<span></span></td>
        <td class="nump">28,758,734<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Class B Shares</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockNoParValue', window );">Common stock, no par value</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, issued</a></td>
        <td class="nump">2,503<span></span></td>
        <td class="nump">2,503<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, outstanding</a></td>
        <td class="nump">2,503<span></span></td>
        <td class="nump">2,503<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_mdca_CommonStockIssuableSharesIssuable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Common Stock Issuable Shares, Issuable</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>mdca_CommonStockIssuableSharesIssuable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>mdca_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6965416&amp;loc=d3e5074-111524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockNoParValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Issuance value per share of no-par value common stock; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockNoParValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:sharesItemType</td>
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                    <td>na</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:sharesItemType</td>
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                    <td>na</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
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          <div style="width: 200px;"><strong>Loss per Common Share<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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3. Loss per Common Share</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following table sets forth the computation of basic and diluted
loss per common share from continuing operations for the years
ended December 31:</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="554">
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<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
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<td colspan="3"></td>
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<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
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<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2009</td>
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<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Numerator<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Numerator for diluted loss per common
share&#xA0;&#x2013;&#xA0;<br />
loss from continuing operations</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(75,559</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,417</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(9,578</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
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Net income attributable to the noncontrolling interests</td>
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<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(7,754</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(10,074</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(5,566</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Loss attributable to MDC Partners Inc. common shareholders from
continuing operations</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(83,313</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(11,491</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(15,144</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Effect of dilutive securities</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Numerator for diluted income per common
share&#xA0;&#x2013;&#xA0;<br />
loss attributable to MDC Partners Inc. common shareholders from
continuing operations</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(83,313</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(11,491</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(15,144</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Denominator<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Denominator for basic loss per common
share&#xA0;&#x2013;&#xA0;<br />
weighted average common shares</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
29,120,373</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
28,161,144</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
27,396,463</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Effect of dilutive securities:<br /></td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Employee stock options, warrants, and stock appreciation
rights</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Employee restricted stock units</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
Dilutive potential common shares</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Denominator for diluted loss per common
share&#xA0;&#x2013;&#xA0;<br />
adjusted weighted shares and assumed conversions</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
29,120,373</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
28,161,144</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
27,396,463</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Basic loss per common share from continuing operations</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2.86</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.41</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.55</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Diluted loss per common share from continuing operations</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(2.86</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.41</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(0.55</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
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At December 31, 2011, 2010 and 2009 convertible notes, warrants,
options and other rights to purchase, 5,211,668, 4,665,293 and
5,240,879 shares of common stock, respectively, were not included
in the computation of diluted loss per common share because doing
so would have had an antidilutive effect.</p>
</div><span></span></td>
      </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_EarningsPerShareTextBlock</nobr></td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="text"><div>
<p style="text-indent:0pt; text-align: right; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<b>Schedule II&#xA0;&#x2014;&#xA0;1 of 2</b></p>
<h1 style="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
MDC PARTNERS INC. &amp; SUBSIDIARIES</h1>
<h1 style="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
SCHEDULE II&#xA0;&#x2014;&#xA0;VALUATION AND QUALIFYING
ACCOUNTS<br />
For the Three Years Ended December 31, 2010<br />
(Dollars in Thousands)</h1>
<p style="text-indent:0pt; text-align: left; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
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<table cellspacing="0" cellpadding="0" width="608" style="vertical-align: text-bottom; text-indent:0px; text-align: left; font-family: serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: -24pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<tr>
<td></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="width: 12px; vertical-align: text-bottom; text-align: center; border-bottom: none">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" rowspan="1" colspan="1">Column A</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Column B</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Column C</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Column D</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Column E</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Column F</td>
</tr>
<tr>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: left; border-bottom: 1pt solid black" rowspan="1" colspan="1">Description</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Balance at Beginning of Period</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Charged to Costs and Expenses</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Removal of Uncollectable Receivables</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Translation Adjustments Increase
(Decrease)</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Balance at the End of Period</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Valuation accounts deducted<br />
from assets to which they apply&#xA0;&#x2013;&#xA0;allowance
for<br />
doubtful accounts:<br /></td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">December 31, 2011</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">1,990</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">158</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(1,299</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
)<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">2</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">851</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: white">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">December 31, 2010</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">2,034</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">765</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(824</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
)<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">15</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">1,990</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="background-color: #CCFFCC">
<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">December 31, 2009</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">2,179</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">946</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(1,154</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
)<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;63</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">2,034</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="text-indent:0pt; text-align: right; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; padding-top: 3pt; padding-right: 0pt; padding-left: 4px; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
<b>Schedule II&#xA0;&#x2014;&#xA0;2 of 2</b></p>
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MDC PARTNERS INC. &amp; SUBSIDIARIES</h1>
<h1 style="text-indent:0pt; text-align: center; font-family: serif; font-size: 10pt; line-height: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; padding-top: 9pt; padding-right: 0pt; padding-left: 0pt; padding-bottom: 3pt; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 0pt">
SCHEDULE II&#xA0;&#x2014;&#xA0;VALUATION AND QUALIFYING
ACCOUNTS<br />
For the Three Years Ended December 31, 2011<br />
(Dollars in Thousands)</h1>
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<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
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<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Column D</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
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<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Column F</td>
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<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Balance at Beginning of Period</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Charged to Costs and Expenses</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Other</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Translation Adjustments Increase
(Decrease)</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="line-height: normal; vertical-align: text-bottom; font-weight: bold; font-size: 8pt; text-align: center; border-bottom: 1pt solid black" rowspan="1" colspan="3">Balance at the End of Period</td>
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<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">Valuation accounts deducted<br />
from assets to which they apply&#xA0;&#x2013;&#xA0;valuation
allowance for deferred income taxes:<br /></td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->&#xA0;</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">&#xA0;&#xA0;</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
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<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">December 31, 2011</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">66,459</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">47,422</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(4</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
)<sup>(1)</sup><!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(292</td>
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)<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">113,585</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
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<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">December 31, 2010</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">77,044</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(7,986</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
)<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(3,908</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
)<sup>(1)</sup><!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">1,309</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">66,459</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
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<td style="padding-left: 10pt; text-indent: -10pt; vertical-align: text-bottom" rowspan="1" colspan="1">December 31, 2009</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">70,929</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">2,656</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">(2,705</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
)<sup>(1)</sup><!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">6,164</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: center" rowspan="1"><!-- GUTTER -->&#xA0;</td>
<td style="width: 6px; vertical-align: text-bottom; text-align: left" rowspan="1"><!-- $ -->$</td>
<td style="vertical-align: text-bottom; text-align: right" rowspan="1" colspan="1">77,044</td>
<td style="white-space: nowrap; vertical-align: text-bottom; text-align: left">
<!-- PERCENT -->&#xA0;</td>
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<td style="width: 20px; text-align: left">(1)</td>
<td style="text-align: left">Adjustment to reconcile actual net
operating loss carry forwards to prior year tax accrued,
utilization of net operating loss carry forwards, which were fully
reserved and adjustment for net operating loss relating to sale of
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 09<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e24092-122690<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value Measurements<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value Measurements</a></td>
        <td class="text"><div>
<h2 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: bold 10pt/12pt serif; PADDING-TOP: 5pt">
13. Fair Value Measurements</h2>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Effective January 1, 2008, the Company adopted guidance regarding
accounting for Fair Value Measurements. This guidance defines fair
value, establishes a framework for measuring fair value and expands
the related disclosure requirements. The statement indicates, among
other things, that a fair value measurement assumes a transaction
to sell an asset or transfer a liability occurs in the principal
market for the asset or liability or, in the absence of a principal
market, the most advantageous market for the asset or
liability.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In order to increase consistency and comparability in fair value
measurements, the guidance establishes a hierarchy for observable
and unobservable inputs used to measure fair value into three broad
levels, which are described below:</p>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left"><i>Level 1:</i>&#xA0;&#xA0;Quoted
prices (unadjusted) in active markets that are accessible at the
measurement date for assets or liabilities. The fair value
hierarchy gives the highest priority to Level 1 inputs.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left"><i>Level 2:</i>&#xA0;&#xA0;Observable
prices that are based on inputs not quoted on active markets, but
corroborated by market data.</td>
</tr>
</table>
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="100%">
<tr style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; FONT-STYLE: normal; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<td style="WIDTH: 21px"></td>
<td style="TEXT-ALIGN: left; WIDTH: 24px">&#x2022;</td>
<td style="TEXT-ALIGN: left"><i>Level
3:</i>&#xA0;&#xA0;Unobservable inputs are used when little or no
market data is available. The fair value hierarchy gives the lowest
priority to Level 3 inputs.</td>
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<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In determining fair value, the Company utilizes valuation
techniques that maximize the use of observable inputs and minimize
the use of unobservable inputs to the extent possible as well as
considers counterparty credit risk in its assessment of fair
value.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
On a nonrecurring basis, the Company uses fair value measures when
analyzing asset impairment. Long-lived assets and certain
identifiable intangible assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. If it is determined such
indicators are present and the review indicates that the assets
will not be fully recoverable, based on undiscounted estimated cash
flows over the remaining amortization periods, their carrying
values are reduced to estimated fair value. Measurements based on
undiscounted cash flows are considered to be level 3 inputs. During
the fourth quarter of each year, the Company evaluates goodwill and
indefinite-lived intangibles for impairment at the reporting unit
level. For each acquisition, the Company performed a detailed
review to identify intangible assets and a valuation is performed
for all such identified assets. The Company used several market
participant measurements to determine estimated value. This
approach includes consideration of similar and recent transactions,
as well as utilizing discounted expected cash flow methodologies.
The amounts allocated to assets acquired and liabilities assumed in
the acquisitions were determined using level three inputs. Fair
value for property and equipment was based on other observable
transactions for similar property and equipment. Accounts
receivable represents the best estimate of balances that will
ultimately be collected, which is based in part on allowance for
doubtful accounts reserve criteria and an evaluation of the
specific receivable balances.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following tables present certain information for our financial
assets that is measured at fair value on a recurring basis at
December 31, 2011 and 2010:</p>
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<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
367.4</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
283.2</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
323.7</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Our long term debt includes fixed rate debt. The fair value of this
instrument is based on quoted market prices.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
The following table presents changes in Deferred Acquisition
Consideration.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
</p>
<div style="TEXT-ALIGN: center">
<table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -24pt 0pt 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; FONT-FAMILY: serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: normal; PADDING-TOP: 3pt" cellspacing="0" cellpadding="0" width="608">
<tr>
<td></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
<td style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; WIDTH: 12px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td colspan="3"></td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="7">Fair Value Measurements Using<br />
Significant Unobservable Inputs<br />
(Level 3)</td>
</tr>
<tr>
<td style="TEXT-ALIGN: left; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold">
&#xA0;&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2011</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; LINE-HEIGHT: normal; FONT-SIZE: 8pt; VERTICAL-ALIGN: text-bottom; FONT-WEIGHT: bold" colspan="3">2010</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Beginning Balance of contingent payments</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
98,534</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
29,654</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Payments</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(26,656</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(23,285</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Grants</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
46,292</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
92,383</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Redemption value adjustments</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
13,416</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(779</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Transfers to fixed payments</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(1,467</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
&#x2014;</td>
<td style="TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: #ccffcc">
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Foreign translation adjustment</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
(360</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
)<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
561</td>
<td style="BORDER-BOTTOM: white 1pt solid; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
<tr style="BACKGROUND-COLOR: white">
<td style="BORDER-BOTTOM: white 3pt double; TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom">
Ending Balance of contingent payments</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
129,759</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- GUTTER -->&#xA0;</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: text-bottom">
<!-- $ -->$</td>
<td style="BORDER-BOTTOM: black 3pt double; TEXT-ALIGN: right; VERTICAL-ALIGN: text-bottom">
98,534</td>
<td style="BORDER-BOTTOM: white 3pt double; TEXT-ALIGN: left; WHITE-SPACE: nowrap; VERTICAL-ALIGN: text-bottom">
<!-- PERCENT -->&#xA0;</td>
</tr>
</table>
</div>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
In addition to the above amounts, there are fixed payments of
$7,464 and $9,457 for total deferred acquisition consideration of
$137,223 and $107,991, which reconciles to the consolidating
financial statements at December 31, 2011 and 2010,
respectively.</p>
<p style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt serif; PADDING-TOP: 3pt">
Level 3 payments relate to payments made for deferred acquisition
consideration. Level 3 grants relate to contingent purchase price
obligations related to acquisitions. The Company records the
initial liability of the estimated present value. The estimated
liability is determined in accordance with various contractual
valuation formulas that may be dependent on future events, such as
the growth rate of the earning of the relevant subsidiary during
the contractual period, and, in some cases, the currency exchange
rate of the date of payment. Level 3 redemption value adjustments
relate to the remeasurement and change in these various contractual
valuation formulas as well as adjustments of present value.</p>
</div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19296-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 17-22, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13433-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13504-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19207-110258<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15B<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32, 33, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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