<SEC-DOCUMENT>0001144204-17-015286.txt : 20171211
<SEC-HEADER>0001144204-17-015286.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20170317112405
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-17-015286
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170317

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:		CORRESP

	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>
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 67.15pt 0pt 45.35pt; text-align: right; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 67.15pt 0pt 45.35pt; text-align: right; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 67.15pt 0pt 45.35pt; text-align: right; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 67.15pt 0pt 45.35pt; text-align: right; color: #2A2A2A">March
17, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B><I><U>Via
Edgar</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Mr.
Larry Spirgel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Mr.
Robert Littlepage</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Division
of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Securities
and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">100 F Street
N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">RE:</TD><TD STYLE="text-align: justify">MDC Partners Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0.75in; text-indent: 0.2pt; color: #2A2A2A"><B>Form
10-K for Fiscal Year Ended December 31, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0.75in; text-indent: 0.2pt; color: #2A2A2A"><B>Filed
February 26, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0.75in; text-indent: 0.2pt; color: #2A2A2A"><B>Form
10-Q for Fiscal Quarter Ended September 30, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0.75in; text-indent: 0.2pt; color: #2A2A2A"><B>Filed
November 8, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0.75in; text-indent: 0.2pt; color: #2A2A2A"><B>SEC Response
Dated February 28, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0.75in; text-indent: 0.2pt; color: #2A2A2A"><B><U>File
No. 001-13718</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Dear
Mr. Spirgel and Mr. Littlepage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: justify">Set
forth below is the response of MDC Partners Inc. (the &ldquo;Company&rdquo; or &ldquo;MDC&rdquo;) to the correspondence of the
Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the &ldquo;Staff&rdquo;, the &ldquo;Commission&rdquo;,
or &ldquo;SEC&rdquo;), which was set forth in your letter dated February 28, 2017 regarding the Company's above-referenced filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.2pt; text-indent: 36.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B><U>Form
10-K for Fiscal Year Ended December 31, 2015</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B><U>14.
Segment Information, page 75</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 9pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B><U>Form
10-Q for Fiscal Quarter Ended September 30, 2016</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B><U>11.
Segment Information, page 23</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 9pt"><B>&nbsp;</B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Please provide us with a paragraph description of
the service offerings of each partner firm and indicate whether it participates in the US, Canada, Europe and/or other markets.
In addition, please provide the amount of revenue and profitability associated with each significant service offering by each
partner firm and the percent of total revenues each significant service offering represents for each partner firm. If the profitability
amount associated with each significant service offering for each partner firm is not tracked or available, then please state
that this is the case for each firm.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Below
is a paragraph description of each of the Company&rsquo;s partner firms, including commentary on the breadth of significant services
offered and geographic market focus. We use terms such as &ldquo;integrated&rdquo; to describe an agency that offers the widest
breadth of services, &ldquo;full-service&rdquo; to indicate that the services also offered includes media buying &amp; planning,
and &ldquo;global&rdquo; to indicate that the agency executes work for clients for distribution across multiple geographic markets
regardless of whether it has office locations in those markets. Please note that each of our partner firms manages their individual
client relationships and their overall business to a single P&amp;L regardless of the services offered to its clients. Therefore,
the amount and percent of revenue and profitability associated with each service offering is not tracked nor is it available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><U>Reportable Segment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">72andSunny is a global integrated agency with
broad capabilities including advertising, branding, design, experiential, brand citizenship, digital &amp; social media, influencer
marketing, public relations and Hispanic marketing. The firm serves some of the world's most iconic brands from offices in Los
Angeles, Amsterdam, New York and Sydney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Allison+Partners is a global full-service public
relations agency, with services including media relations, corporate &amp; crisis communications, influencer marketing &amp; social
media, research, public affairs, experiential, content &amp; brand development, and digital. Allison operates out of ~25 locations
in nine countries around the globe, serving clients of all sizes in a diverse group of industry sectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Anomaly is a global integrated agency with
broad capabilities including advertising, strategy, innovation, branding, design, digital, mobile, social, and content. Emerging
and fast-growing capabilities for Anomaly include data analytics and Hispanic marketing. Anomaly serves blue chip clients around
the globe out of six offices in the U.S., Canada, Europe and Asia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Colle + McVoy is a full-service agency with
broad capabilities spanning advertising, branding, design, innovation, mobile, social, experiential, strategy, data analytics,
public relations, and media planning &amp; buying. The agency operates out of a single location in Minneapolis and serves largely
domestic clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Concentric is an integrated agency with a focus
on clients in the healthcare industry. Broad capabilities also include strategy, product launch, advertising, digital, social media,
mobile, technology and sales simulators. The agency serves some of the world's largest pharmaceutical companies from two locations
in New York City and London. Concentric was initially presented under the Other segment in the materials provided in the letter
dated October 2016. When the Company finalized the segment reporting, it determined that Concentric was better aligned with other
Partner Firms under the Reportable Segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">CP+B is a global full-service agency with broad
capabilities including advertising, innovation &amp; design, strategic &amp; brand planning, social media, analytics, user experience,
shopper marketing, experiential, production, public relations and media planning &amp; buying. CP+B is MDC's most global business
operating out of 10 offices across the U.S., Europe, Asia and South America, and serves a diverse range of global and regional
clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Doner is an integrated agency with broad capabilities
including advertising, strategic design, content experience, production, social media, mobile, analytics, and Hispanic marketing.
Historically, media buying &amp; planning was one of the agency's service offerings, until 2015 when that business was separated
and combined into MDC's scaled media agency Assembly. Doner now partners with Assembly on clients where media buying &amp; planning
is required. Based in Detroit with other large offices in Los Angeles, Cleveland and London, Doner serves a range of marketers
including some of the world's largest automotive and food companies, as well as smaller regional clients in the U.S. and UK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Forsman &amp; Bodenfors is a full-service agency
providing advertising, corporate identify &amp; design, retail activation, retail strategy &amp; design, and production. Based
in Sweden, F&amp;B is expanding internationally into Europe, North America and Asia, to serve global clients in these markets in
addition to its existing global and regional clients that it serves in its home market in Sweden and across Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">HL Group is a public relations agency with
a focus on the fashion and lifestyle sectors, and services other industry verticals such as consumer. The core service offering
includes public and media relations, events, influencer marketing, social media, experiential, with emerging capabilities in data/analytics,
digital and content. HL presently primarily operates in the U.S. for well-known national brands, and has current strategic initiatives
to expand into the UK and Asia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Hunter PR is a consumer public relations agency
with a focus on clients in the food, beverage, health and consumer categories. Services include public and media relations, social
&amp; digital media, influencer marketing, cause marketing, insights &amp; analytics, events, experiential, sponsorship, and social
media buying. Hunter operates in the U.S. and the UK serving multi-national marketers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">KBS is a full-service agency with capabilities
spanning advertising, innovation, social, digital, technology, content, CRM, public relations, and media buying &amp; planning.
KBS has offices in the U.S., Canada, UK and Asia and primarily services national clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Kwittken is a public relations agency with
a focus on B2B and technology companies. Their diverse range of services includes media relations, analyst relations, corporate
positioning, executive visibility, issues and crisis management, media presentation &amp; training, influencer engagement and social/content
marketing expertise. Kwittken operates in the U.S., Canada and the UK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Laird+Partners is a full-service advertising
agency with strong category expertise in fashion and luxury lifestyle, in addition to clients in most other industry verticals.
Based in New York City, Laird offers diverse services including brand consulting, advertising, social media, digital, corporate
identity, and packaging. Laird is presently focused on expanding its capabilities in content and public relations, with near-term
expansion into London to be able to service the pan-European market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">MDC Media Partners comprises MDC's network
of media buying &amp; planning agencies including the scaled integrated platform Assembly, which provides media buying &amp; planning,
influencer marketing, content, insights &amp; analytics, and strategy, as well as specialist companies serving out-of-home, paid
search, social media, lead generation, programmatic, artificial intelligence, and corporate barter. MDC Media Partners operates
primarily in North America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Mono is an integrated agency offering advertising,
content production, public relations &amp; communications planning strategy, experiential and digital. Headquartered in Minneapolis
with an additional office in San Francisco, Mono primarily executes in the U.S. for clients including some of the largest national
and multi-national companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Sloane &amp; Company is a strategic communications
agency focusing on corporate and financial public and media relations, investor relations, issues management and crisis communications,
social media &amp; digital communications, transaction support, public affairs, and shareholder activism &amp; proxy contests.
Sloane is based in New York and primarily serves U.S.-based companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Union is an integrated agency whose services
include advertising, integrated marketing solutions, digital, and media buying &amp; planning. Union operates in Canada, serving
a combination of local clients as well as multi-national clients targeting a Canadian market through collaboration with some of
MDC Partners' U.S.-based agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Veritas is a highly creative public relations
firm with top tier accounts and a full-integrated service offering spanning influence, social, crisis, events, experiential and
media relations. Veritas operates primarily in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Vitro is a full-service agency offering services
including creative, design, digital strategy &amp; integration, events, experiential, media planning &amp; buying, business strategy,
public relations, social media, research, analytics, retail &amp; promotions marketing, and mobile marketing. Based in San Diego
with an additional office in Austin, TX, Vitro works with global brands primarily for their domestic executions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Yamamoto is a full-service integrated agency
that deploys a strategy-first approach to serve local and international clients. Their diverse range of services includes advertising,
design, experiential marketing, public relations, content creation, digital engagement, promotions, analytics, and media buying
&amp; planning. Based in Minneapolis, Yamamoto largely serves clients in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><U>Other</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">6Degrees is a marketing agency specializing
in shopper marketing, trade marketing, digital, website, and experiential marketing. Operating out of a single office in Toronto,
6 Degrees serves large marketers with particular expertise in consumer packaged goods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Bruce Mau Design is a multi-disciplinary brand
design firm specializing in environmental design, corporate branding and identify, and package design. Bruce Mau works on projects
with a diverse range of clients on a global basis, including large corporations and start-ups as well as cultural organizations,
architects, and governments. Bruce Mau serves clients in North America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Bryan Mills &ndash; MDC exited this business
in September 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Civilian is a content, digital and performance
marketing agency specializing in direct response TV, digital/web, and video production. Civilian works with clients in North America
with a core focus in cause related marketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Gale Partners is a global digital marketing
agency that brings together strategy, creativity, and technology to deliver impactful experiences for brands. The agency specializes
in analytics, customer insights, social media strategy, creative design, content creation, and technology realization. With offices
in Toronto, New York and Bangalore, Gale serves marketers around the globe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Hello Design is a creative digital agency specializing
in digital strategy &amp; design, and website and app development. Hello works with a diverse range of clients on modest sized
engagements out of a single office in Los Angeles primarily serving U.S. clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Kenna is a marketing agency delivering a range
of customer experience management services including customer insights, demand generation, lead management, consumer journey, and
sales enablement. Kenna has offices in Toronto and services the North American market. Kenna was previously a component business
of KBS. As of January 1, 2017 the Company extracted Kenna from the KBS business in order to provide additional visibility to the
CODM. As a standalone Partner firm, Kenna did not meet the aggregation criteria required to be included in the Reportable segment,
thus, Kenna will be reported in with the other firms that did not meet this criteria in the &ldquo;all other&rdquo; segment. Accordingly,
the Company will be restating the segment reporting for Q1 2017 to reflect this segment change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Kingsdale Adivsors is a strategic communications
firm specializing in proxy solicitation, information agent, strategic &amp; defensive advisory, asset reclamation, depository,
corporate governance, corporate communications, and shareholder identification. Kingsdale primarily operates in North America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Luntz Global is a strategic communications
agency that specializes in market research-based messaging consulting. Luntz serves diverse clients on a project basis on a global
basis. There is little recurring revenue as much of the client work is delivered on a project basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Northstar Research Partners is a &quot;global
boutique&quot; research, analytics and insights consultancy, delivering a range of custom qualitative and quantitative studies,
with services across both consumer and business-to-business channels. Northstar works with large brands on a global basis from
four offices located in Toronto, London, New York and Indonesia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Redscout is a brand strategy &amp; innovation
agency that helps marketers invent, prototype and commercialize new products, services and experiences. Redscout executes projecs
for regional and global marketers out of locations in New York City and London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Relevent is an experiential marketing agency
that helps clients build brand affinity and value through lifestyle, entertainment and relationship marketing programs. Relevent
serves large regional and international brands on experiential activations concentrated in North America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Rumble Fox is a digital agency focused on consultancy,
design and development. The agency primarily serves clients in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Source Marketing provides a suite of consumer
experience marketing services designed to help marketers acquire and leverage customer data for competitive advantage, including
database development, predictive modeling, segmentation, data/list enhancement, research design and CRM/eCRM program design. The
range of executions spans events, partnerships, sponsorships, retail, ecommerce and trade. Source works on projects with large
regional and multi-national marketers primarily in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Team Enterprises is an experiential marketing
agency that specializes in dynamic live experiences and events across multiple channels. Team executes strategies and activations
primarily in North America out of its Ft. Lauderdale location.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Y Media Labs is a global mobile interactive
agency specializing in providing end-to-end &quot;mobile-first&quot; solutions in strategy, design and application development.
Operating out of three locations in the U.S. and India, YML executes projects for blue chip multi-national clients on a global
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;<B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>We understand that firms are distinguished by their
primary service offerings. Do the firms change their primary service offering? If so, please provide us a three year depiction
of which firms have changed by year, by primary service offering, and indicate what their prior primary service offering was.
Provide to us the aggregate impact the change in primary service would have on the total population of partner firms that offered
the same primary service, including as a percent of revenue, profitability, and total assets. This includes the impact on the
population of partner firms that shared the prior primary service as well as the population of partner firms that share the same
newly designated primary service offering.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Each of our partner firms
regularly strategically evaluates its service offerings to ensure that it has the appropriate mix of capabilities to maximize its
long-term growth potential. Wholesale changes are never made, more often than not, Partner Firms expand into adjacent service areas
with broader offerings. For example Anomaly recently added expanded services focused on data analytics and Hispanic marketing,
and Laird+Partners expanded into content and public relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>In addition, please clarify for us whether or not
there are changes to which firms the managing directors oversee and tell us how often those changes are made. Please provide us
the actual changes in the last three years, including the name of the partner firm and the former managing director, along with
the managing director to which the partner firm was changed in the given year.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.3pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">The Company has changed the managing director
assignments for many of its partner firms from time to time due to a variety of factors including a) changes in personnel at the
Company, b) decisions by the Company&rsquo;s Chief Operating Decision Maker to pair partner firms with managing directors with
specific expertise, and c) decisions by the Company&rsquo;s Chief Operating Decision Maker to rebalance managing director workloads.
There were two rounds of significant allocation changes in 2016. The first upon the hiring of a managing director located in the
company&rsquo;s Toronto office, and the second upon the departure of the Company&rsquo;s Chief Operating Officer later in the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><U>Partner Firm / Managing Director Assignment
Change</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">6Degrees &ndash; Changed from Raffi Grigorian
to Stephanie Nerlich in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">72andSunny &ndash; Changed from Andre Coste
to Paula Daly in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Allison+Partners &ndash; Changed from Gavin
Swartzman to Michael Bassik in 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Anomaly &ndash; Changed from Andre Coste to
Raffi Grigorian in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Bruce Mau Design &ndash; Changed from Paula
Daly to Stephanie Nerlich in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Bryan Mills &ndash; Changed from Gavin Swartzman
to Michael Bassik in 2014, and from Michael Bassik to Stephanie Nerlich in 2016 (MDC subsequently exited from this business in
September 2016)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">CP+B &ndash; Changed from Andre Coste to Paula
Daly in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Civilian &ndash; Changed from Gavin Swartzman
to Raffi Grigorian in 2014, and from Raffi Grigorian to Suzanne Welling in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Doner &ndash; Changed from Andre Coste to Raffi
Grigorian in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Gale Partners &ndash; Changed from Andre Coste
to Stephanie Nerlich in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">HL Group &ndash; Changed from Gavin Swartzman
to Michael Bassik in 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">KBS &ndash; Changed from Andre Coste to Stephanie
Nerlich in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Kingsdale Advisors &ndash; Changed from Gavin
Swartzman to Michael Bassik in 2014, and from Michael Bassik to Suzanne Welling in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Luntz Global &ndash; Changed from Paula Daly
to Michael Bassik in 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">MDC Media Partners &ndash; Changed from David
Doft to Andre Coste in 2014 and from Andre Coste to Michael Bassik in 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Rumble Fox &ndash; Changed from Andre Coste
to Michael Bassik in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Sloane &amp; Company &ndash; Changed from Gavin
Swartzman to Michael Bassik in 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Union &ndash; Changed from Raffi Grigorian
to Stephanie Nerlich in 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">Veritas &ndash; Changed from Gavin Swartzman
to Michael Bassik in 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.3pt 0pt 45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0.25in; text-align: justify">Please
direct any questions concerning the above responses to the undersigned (telephone: (646) 429-1818; fax: (212) 937-4365).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt; text-indent: 28.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></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 STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 35%">Very truly yours,</TD>
    <TD STYLE="width: 12%">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David Doft</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>David Doft</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></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 STYLE="width: 4%">cc:</TD>
    <TD STYLE="width: 96%">Kathryn Jacobson, Senior Staff Accountant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Robert S. Littlepage, Accounting Branch Chief</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Carlos Pacho, Senior Assistant Chief Accountant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Scott Kauffman, Chairman and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Mitchell Gendel, General Counsel &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Christine LaPlaca, SVP Accounting and Financial Reporting</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Members of the Audit Committee of Board of Directors of MDC Partners Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Paul Curnin and Cheryl Scarboro (Simpson Thacher &amp; Bartlett LLP)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Robert Trinchetto, BDO USA, LLP</TD></TR>
</TABLE>


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