<SEC-DOCUMENT>0001437749-20-013909.txt : 20200626
<SEC-HEADER>0001437749-20-013909.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200625191903
ACCESSION NUMBER:		0001437749-20-013909
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200625
GROUP MEMBERS:		MARK J. PENN
GROUP MEMBERS:		STAGWELL GROUP LLC

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-53561
		FILM NUMBER:		20990564

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stagwell Agency Holdings LLC
		CENTRAL INDEX KEY:			0001771728
		IRS NUMBER:				833870147
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		1808 I STREENET, NW
		STREET 2:		6TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
		BUSINESS PHONE:		9177652638

	MAIL ADDRESS:	
		STREET 1:		1808 I STREENET, NW
		STREET 2:		6TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sah20200624_sc13da.htm
<DESCRIPTION>SCHEDULE 13D/A
<TEXT>
<html><head>
	<title>sah20200624_sc13da.htm</title>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b><br>
<b>WASHINGTON, DC </b><b>20549</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SCHEDULE 13D</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Amendment No. 1)</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>MDC PARTNERS INC.</b></p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Name of Issuer)</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Class A Subordinate Voting Shares</b></p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Title of Class of Securities)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>552697104</b></p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 72pt;text-align:center;">(CUSIP Number)</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 72pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Stagwell Agency Holdings LLC </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>c/o The Stagwell Group LLC </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1808 Eye Street, NW, Sixth Floor </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, DC 20006 </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Attention: Mark J. Penn </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(917) 765-2638</b></p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:67.5pt;margin-right:72pt;margin-top:0pt;text-align:center;">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>June 25, 2020</b></p>

<hr style="text-align: center; height: 1px; color: #000000; background-color: #000000; width: 25%; border: none; margin: 3pt auto">
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 72pt;text-align:center;">(Date of Event Which Requires Filing of This Statement)</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167; 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: &#9744;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;"><i>Note</i>: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &#167;240.13d-7 for other parties to whom copies are to be sent.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">* The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;<u>Act</u>&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, <i>see</i> the Notes).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SCHEDULE 13D</b><b>/A</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="margin-left:0.1%;width:99.1%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; border-width: thin thin 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 35%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CUSIP No. </b><b>&nbsp;</b><b>552697104</b></p>
			</td>
			<td style="vertical-align:top;width:35%;">&nbsp;</td>
			<td style="vertical-align: top; border-width: thin thin 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 29.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Page 2 of 8&nbsp;Pages</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<table cellpadding="2pt" cellspacing="0pt" style="margin-left: 0pt; width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border: 1px solid black;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">NAME OF REPORTING PERSON<br>
			I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell Agency Holdings LLC</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>2</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP&nbsp;&nbsp;&nbsp;&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(a) &#9744;&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(b) &#9746;&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>3</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SEC USE ONLY</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>4</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOURCE OF FUNDS (SEE INSTRUCTIONS)<br>
			OO<b>&nbsp;</b><b>&nbsp;</b>(See Item 3)</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>5</b></p>
			</td>
			<td colspan="3" rowspan="1" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 13%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<br>
			PURSUANT TO ITEMS 2(d) or 2(e)&nbsp;</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 3%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>6</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
			Delaware</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: bottom; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><br>
			<b>NUMBER OF </b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>7</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOLE VOTING POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,782,359 (See Items 4 and 5)*</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SHARES</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>BENEFICIALLY </b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>OWNED BY</b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>8</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHARED VOTING POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">0</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EACH</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REPORTING</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PERSON WITH</b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>9</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOLE DISPOSITIVE POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,782,359 (See Items 4 and 5)*</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>10</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHARED DISPOSITIVE POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">0</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>11</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,782,359 (See Items 4 and 5)*</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>12</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; border-bottom: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">See Item 5.</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>13</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">19.7% (See Item 5)**</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>14</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">OO</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">*Reflects the maximum number of Class A Shares of the Issuer issuable upon conversion of the 50,000 Preference Shares beneficially owned by the Reporting Person that are currently eligible for conversion. The Preference Shares are convertible as described in the Original Schedule 13D.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">**The calculation is based on the 14,285,714 Class A Shares of the Issuer beneficially owned by the Reporting Person plus the maximum number of Class A Shares issuable upon conversion of the 50,000 Preference Shares beneficially owned by the Reporting Person that are currently eligible for conversion.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SCHEDULE 13D</b><b>/A</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CUSIP No. </b><b>&nbsp;</b><b>552697104</b></p>
			</td>
			<td style="vertical-align:top;width:35%;">&nbsp;</td>
			<td style="vertical-align: top; border-width: thin thin 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 29.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Page 3 of 8&nbsp;Pages</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table cellpadding="2pt" cellspacing="0pt" style="margin-left: 0pt; width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border: 1px solid black;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">NAME OF REPORTING PERSON<br>
			I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Stagwell Group LLC</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>2</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP&nbsp;&nbsp;&nbsp;&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(a) &#9744;&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(b) &#9746;&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>3</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SEC USE ONLY</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>4</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOURCE OF FUNDS (SEE INSTRUCTIONS)<br>
			OO<b>&nbsp;</b>(See Item 3)</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>5</b></p>
			</td>
			<td colspan="3" rowspan="1" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 13%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<br>
			PURSUANT TO ITEMS 2(d) or 2(e)&nbsp;</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;">&#9744;&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>6</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
			Delaware</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: bottom; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><br>
			<b>NUMBER OF </b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>7</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOLE VOTING POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,897,359 (See Items 4 and 5)*</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SHARES</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>BENEFICIALLY </b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>OWNED BY</b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>8</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHARED VOTING POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">0</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EACH</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REPORTING</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PERSON WITH</b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>9</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOLE DISPOSITIVE POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,897,359 (See Items 4 and 5)*</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>10</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHARED DISPOSITIVE POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">0</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>11</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,897,359 (See Items 4 and 5)*</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>12</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">See Item 5.</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>13</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">19.9% (See Item 5)**</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>14</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">OO</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">* Reflects the maximum number of Class A Shares of the Issuer issuable upon conversion of the 50,000 Preference Shares beneficially owned by the Reporting Person that are currently eligible for conversion. The Preference Shares are convertible as described in the Original Schedule 13D.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">**The calculation is based on the 14,400,714 Class A Shares of the Issuer beneficially owned by the Reporting Person plus the maximum number of Class A Shares issuable upon conversion of the 50,000 Preference Shares beneficially owned by the Reporting Person that are currently eligible for conversion.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SCHEDULE 13D</b><b>/A</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CUSIP No. </b><b>&nbsp;</b><b>552697104</b></p>
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			<td style="vertical-align:top;width:35%;">&nbsp;</td>
			<td style="vertical-align: top; border-width: thin thin 1px; border-style: solid; border-color: rgb(0, 0, 0); width: 29.9%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Page 4 of 8&nbsp;Pages</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table cellpadding="2pt" cellspacing="0pt" style="margin-left: 0pt; width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border: 1px solid black;">

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			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>1</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">NAME OF REPORTING PERSON<br>
			I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Mark J. Penn</p>
			</td>
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			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>2</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP&nbsp;&nbsp;&nbsp;&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(a) &#9744;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">(b) &#9746;</p>
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			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>3</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SEC USE ONLY</p>
			</td>
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			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>4</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOURCE OF FUNDS (SEE INSTRUCTIONS)<br>
			OO<b>&nbsp;</b>(See Item 3)</p>
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			<td colspan="2" style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>5</b></p>
			</td>
			<td colspan="3" rowspan="1" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 13%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<br>
			PURSUANT TO ITEMS 2(d) or 2(e)&nbsp;</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;">&#9744;&nbsp;</td>
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			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>6</b></p>
			</td>
			<td colspan="4" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
			United States</p>
			</td>
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			<td colspan="3" style="vertical-align: bottom; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><br>
			<b>NUMBER OF </b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>7</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOLE VOTING POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,922,359 (See Items 4 and 5)*</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SHARES</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>BENEFICIALLY </b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>OWNED BY</b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>8</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHARED VOTING POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">0</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td colspan="3" style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EACH</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REPORTING</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PERSON WITH</b></p>
			</td>
			<td style="vertical-align: top; width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>9</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SOLE DISPOSITIVE POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,922,359&nbsp; (See Items 4 and 5)*</p>
			</td>
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			<td colspan="3" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-left: 1px solid black; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>10</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 78%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">SHARED DISPOSITIVE POWER</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">0</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>11</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON&nbsp;</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">14,922,359 (See Items 4 and 5)*</p>
			</td>
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			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>12</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">See Item 5.</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
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			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>13</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">19.9% (See Item 5)**</p>
			</td>
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			<td style="vertical-align: top; width: 6%; border-right: 1px solid black; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>14</b></p>
			</td>
			<td colspan="5" style="vertical-align: top; width: 91%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">IN</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">* Reflects the maximum number of Class A Shares of the Issuer issuable upon conversion of the 50,000 Preference Shares beneficially owned by the Reporting Person that are currently eligible for conversion. The Preference Shares are convertible as described in the Original Schedule 13D.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">**The calculation is based on the 14,425,714 Class A Shares of the Issuer beneficially owned by the Reporting Person plus the maximum number of Class A Shares issuable upon conversion of the 50,000 Preference Shares beneficially owned by the Reporting Person that are currently eligible for conversion.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This Amendment No. 1 to Schedule 13D (this &#8220;<u>Amendment No. 1</u>&#8221;) is being filed jointly by: (i) Stagwell Agency Holdings LLC, a Delaware limited liability company (&#8220;<u>SAH</u>&#8221;), (ii) The Stagwell Group LLC, a Delaware limited liability company, and (iii) Mark J. Penn, a United States citizen (collectively, the &#8220;<u>Reporting Persons</u>&#8221; and each, individually, a &#8220;<u>Reporting Person</u>&#8221;), and amends the original statement on Schedule 13D filed jointly by the Reporting Persons with the Securities and Exchange Commission on March 14, 2019 (the &#8220;<u>Original Schedule 13D</u>&#8221;), with respect to the Class A Subordinate Voting Shares of MDC Partners Inc.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This Amendment No. 1 amends the Original Schedule 13D as set forth herein. Unless otherwise indicated herein, each capitalized term used but not otherwise defined herein shall have the meaning given to such term in the Original Schedule 13D.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item</b><b> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b><b>Purpose </b><b>o</b><b>f Transaction</b><b>.</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">On June 25, 2020, Stagwell Media LP, a Delaware limited partnership and the parent company of SAH (&#8220;<u>Stagwell Media</u>&#8221;), delivered a preliminary, non-binding letter (the &#8220;<u>Proposal Letter</u>&#8221;) to the Board of the Issuer proposing to combine Stagwell Media and the Issuer. Stagwell Media would contribute a holding company that holds the in-scope businesses of Stagwell Media to the Issuer. In exchange, Stagwell Media would receive 335.5 million Class A Shares of the Issuer. The Preference Shares and Class A Shares of the Issuer currently held by SAH would not be included in the contribution to the Issuer and would remain outstanding and owned by SAH. The pre-transaction holders of the Issuer&#8217;s common shares (without giving effect to any conversion of outstanding Preference Shares) would own 18.5% of the combined company on a pro forma basis. A copy of the Proposal Letter and a related press release are attached hereto as Exhibits E and F and the information in the Proposal Letter and the press release is incorporated herein by reference.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The entry into definitive documentation for the proposed transaction would be subject to the satisfactory completion of due diligence and the receipt of requisite internal authorizations by each party, as well as the approval of the definitive documentation and transaction by a committee of disinterested non-management members of the board of directors of the Issuer. The Reporting Persons expect that, in response to the Proposal Letter, the Board will promptly appoint such a committee, which will in turn engage independent advisors, to evaluate the Proposal Letter.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The transaction contemplated by the Proposal Letter would be subject to conditions and approvals to be set forth in definitive documentation, including the requisite approvals of MDC shareholders and necessary regulatory clearances.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The Reporting Persons, in their capacity as a holder of both Class A Shares and Preference Shares of the Issuer, are not prepared to support, consent to or vote in favor of an alternative transaction by the Issuer, including an alternative business combination or sale transaction.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">No assurances can be given that the transaction contemplated by the Proposal Letter or any similar or alternative transaction will be entered into or consummated. Furthermore, no legally binding obligation with respect to a transaction between the Reporting Persons or their affiliates and the Issuer will exist unless and until mutually acceptable definitive documentation has been executed and delivered with respect thereto. The Reporting Persons may modify or withdraw the Proposal Letter at any time and for any reason.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The transaction proposed by the Proposal Letter may result in one or more of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D, including, without limitation, the acquisition of additional securities of the Issuer, an extraordinary corporate transaction involving the Issuer, and change in the present Board or management of the Issuer.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 5. Interest in Securities of the Issuer.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Subparts (a) and (b) of Item 5 of the Original Schedule 13D are hereby amended and restated as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Calculations of the percentage of Class A Shares beneficially owned are based on the number of outstanding Class A Shares of the Issuer beneficially owned by the applicable Reporting Person plus the maximum number of Class A Shares issuable upon conversion of Preference Shares beneficially owned by such Reporting Person that are currently eligible for conversion on and subject to the Ownership Limitation described in Item 6 and assumes that there are a total of 74,486,343 Class A Shares outstanding (which is the number of Class A Shares reported to be outstanding, as of May 12, 2020, in the Issuer&#8217;s proxy statement for its 2020 annual shareholders meeting as filed by the Issuer on May 26, 2020 on Schedule 14A).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The aggregate number and percentage of shares of Class A Shares beneficially owned by each Reporting Person and, for each Reporting Person, the number of Class A Shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Amendment No. 1 and are incorporated herein by reference.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">As of the date hereof, SAH directly holds 14,285,714 Class A Shares and 50,000 Preference Shares. The current aggregate liquidation preference of the Preference Shares is $55,356,998, subject to an 8% accretion, compounded quarterly until March 14, 2024. The current Conversion Price is $5.00 per Preference Share, subject to customary anti-dilution protection, and therefore, the Preference Shares are convertible into 11,071,399 Class A Shares, before giving effect to the Ownership Limitation described in Item 6.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">As of the date hereof, The Stagwell Group LLC directly holds 115,000 Class A Shares.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">As of the date hereof, Mark J. Penn directly holds 602,500 Class A Shares, of which 577,500 are shares of unvested restricted stock that are not scheduled to vest until December 31, 2022 subject to achievement of financial performance targets and continued employment.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The Stagwell Group LLC is the manager of SAH. Mark J. Penn is the controlling person of The Stagwell Group LLC.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">To the best knowledge of the Reporting Persons, none of the individuals named in Item 2 beneficially owns any Class A Shares except as described herein.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Neither the filing of this Amendment No. 1 nor any of its contents shall be deemed to constitute an admission that any of the Reporting Persons is the beneficial owner of any securities covered by this statement for purposes of Section 13(d) of the Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), or for any other purpose, except to the extent of its or his pecuniary interest therein, if any, and such beneficial ownership is expressly disclaimed . The filing of this statement should not be construed to be an admission that any Reporting Person is a member of a &#8220;group&#8221; for the purposes of Sections 13(d) or 13(g) of the Exchange Act.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Subpart (c) of Item 5 of the Original Schedule 13D is hereby amended and restated as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are transactions in Class A Shares by the Reporting Persons during the previous 60 days, all of which were made by The Stagwell Group LLC as open-market purchases on the NASDAQ Stock Market LLC.</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>Date</u></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>Class A Shares Purchased</u></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>Weighted Average Purchase Price</u></p>
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			<td style="vertical-align:top;width:33.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:33.3%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">5/13/2020</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">50,000</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$1.095</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item</b><b> </b><b>6</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b><b>Contracts, Arrangements, Understandings </b><b>o</b><b>r Relationships </b><b>w</b><b>ith </b><b>R</b><b>espect </b><b>t</b><b>o Securities </b><b>o</b><b>f </b><b>t</b><b>he Issuer</b><b>.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The disclosure set forth under Item 4 of this Amendment No. 1 is incorporated herein by reference.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item</b><b> </b><b>7</b><b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b><b>M</b><b>aterial to be </b><b>F</b><b>iled as </b><b>E</b><b>xhibits</b></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><a href="ex_191600.htm" style="-sec-extract:exhibit;">Proposal Letter, dated June 25, 2020.</a></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><a href="ex_191601.htm" style="-sec-extract:exhibit;">Press Release, dated June 25, 2020.</a></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">After reasonable inquiry and to the best of its or his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: June 25, 2020</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">STAGWELL AGENCY HOLDINGS LLC</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">By: The Stagwell Group LLC, its manager</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">By: <u>/s/ Mark J. Penn&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</u></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Name: Mark J. Penn</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Title: Manager</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">THE STAGWELL GROUP LLC</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">By: <u>/s/ Mark J. Penn &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Name: Mark J. Penn</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Title: Manager</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><u>/s/ Mark J. Penn&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Mark J. Penn</p>
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<p style="margin-bottom: 0px; margin-top: 0px; text-align: right;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit E</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Board of Directors</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">MDC Partners, Inc.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">330 Hudson Street<br>
New York, New York 10013</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Ladies and Gentlemen,</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">I am pleased to deliver this preliminary, non-binding proposal (this &#8220;Proposal&#8221;) for a possible transaction between Stagwell Media LP or one of its affiliated entities (&#8220;Stagwell&#8221;) and MDC Partners, Inc. (&#8220;MDC&#8221; or the &#8220;Company&#8221;). We are enthusiastic about this opportunity and are prepared to devote significant resources to expeditiously complete the work necessary to finalize the terms of a transaction that will create significant value for both companies&#8217; equity holders.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Strategic Rationale</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We believe the combination of our platforms presents a compelling opportunity for both Stagwell and MDC. A combined business would deliver a superior value proposition to customers and enhance shareholder returns through attractive synergy opportunities. Specifically, we have strong conviction that a combination of Stagwell and MDC will create value through operating and overhead efficiencies, economies of scale, additional opportunities for accretive acquisitions and customer growth through complementary service offerings and expanded global reach. Our preliminary outside-in analysis suggests that we can achieve run-rate synergies of over $35 million by combining our businesses.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We are prepared to explore synergy opportunities in greater detail with you, and we see multiple opportunities to strengthen the client offerings through collaboration across business units and significant cross- and up-selling, to build a differentiated M&amp;A platform with a unique partnership model and acquisition template, to enhance revenue growth (pro forma for Stagwell&#8217;s near double-digit revenue growth) and free cash flow profile, and to position the combined company for long-term success. In addition, the combined company will have an enhanced credit profile and stronger balance sheet, further enabling it to realize synergies and drive shareholder value.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Our combined platform, and the combined knowledge and technology stack created through the joining of two world-class businesses, would form an exceptional franchise and accelerate the growth of the combined company. We look forward to exploring with you how our respective companies&#8217; resources can be deployed to provide the most value to our respective equity holders.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Proposal</b></u><u><b> and </b></u><u><b>F</b></u><u><b>inancing </b></u><u><b>C</b></u><u><b>onsiderations</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We propose to combine Stagwell and MDC. Stagwell would contribute a holding company that holds the in-scope businesses of Stagwell to MDC. In exchange, Stagwell would receive 335.5 million common shares of MDC. The preference and common shares of MDC currently held by Stagwell would not be included in the contribution to MDC and would remain outstanding and owned by Stagwell. The pre-transaction holders of MDC common shares (without giving effect to any conversion of outstanding preference shares) would own 18.5% of the combined company on a pro forma basis.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This Proposal values MDC common shares at $4.25 per share on a fully diluted basis and implies a premium of 263% to MDC&#8217;s closing price of $1.17 per share on June 24, 2020. Appendix A outlines how we are valuing Stagwell and how we have arrived at this estimate of the per share value and implied premium for MDC&#8217;s shareholders.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We are confident that all stakeholders will support this accretive combination and expect that MDC&#8217;s existing noteholders will consent to waiving change of control rights under the outstanding 6.50% notes due 2024 in light of the improvement to the credit profile and strengthening of the combined balance sheet that will result from this transaction.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This transaction would be subject to conditions and approvals, to be set forth in definitive documentation, that are customary for transactions of this nature, including the requisite approvals of MDC shareholders and necessary regulatory clearances, none of which is anticipated to be a basis for delay.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The entry into definitive documentation would be subject to the satisfactory completion of due diligence and the receipt of requisite internal authorizations by each party, as well as the approval of the definitive documentation and transaction by a committee of disinterested non-management members of the board of directors of the Company. We expect that, in response to this Proposal, the board will promptly appoint such a committee, which will in turn engage independent advisors, to evaluate this Proposal.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We believe this Proposal represents a unique and compelling opportunity for MDC shareholders to maximize the value of their investment in the Company, with materially lower risk than if MDC proceeds on a stand-alone basis. Furthermore, in our capacity as a holder of both common and preference shares of the Company, we are not prepared to support, consent to or vote in favor of an alternative transaction by the Company, including an alternative business combination or sale transaction.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Due Diligence and Timing</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In order to enter into a definitive transaction agreement, we recognize that both companies will need to complete customary due diligence for a transaction of this type. To date, our internal transaction team, together with our financial advisor, J.P. Morgan Securities LLC, and our legal counsel, Freshfields Bruckhaus Deringer LLP, has performed analyses based on MDC&#8217;s publicly available information. In order to complete our evaluation of MDC and the transaction, we would require additional access to confidential company information and access to select members of MDC management and expect that you will need reciprocal access to Stagwell information and personnel. We are prepared to begin reciprocal due diligence immediately and to move toward executing a definitive transaction agreement expeditiously. Given our existing familiarity with the business as shareholders, we intend to perform a focused and efficient diligence review and are prepared to devote the necessary resources to complete diligence in an expeditious manner, with a goal of minimizing disruption of MDC management. We are also prepared to facilitate MDC&#8217;s reciprocal due diligence review of Stagwell and devote the management time necessary to allow MDC to complete that due diligence on the same timetable.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Next Step</b></u><u><b>s</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This letter and Proposal constitute a preliminary, non-binding indication of interest. Unless and until the parties have executed definitive documentation, no obligations of any kind on the part of either party or any of their affiliates or representatives shall exist relating to this letter, this Proposal or any similar transaction.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We will be filing this letter today publicly with the SEC as part of an amendment to our Beneficial Ownership Statement on Schedule 13D that we are required to make under applicable federal securities laws and regulations. In addition, in view of this public filing requirement, we will be issuing a press release in the form attached as Appendix B.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin: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;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Stagwell management team looks forward to further exploring the benefits of a transaction on a friendly basis, and we are open to discussing all issues to determine if we can find a basis for moving forward. Please feel free to contact our advisors at J.P. Morgan (Eric Menell and Charles Post) and Freshfields (Ethan Klingsberg and Paul Tiger) to discuss next steps at your earliest convenience.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Sincerely,&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><img src="ex_191600img002.jpg" style="width: 85pt; height: 53pt;"></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">________________________________</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Mark Penn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">President and Managing Partner, The Stagwell Group</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Appendix A &#8211; </b></u><u><b>Pro forma calculations</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i>($mm, except per share)</i></p>

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			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 68.7%; border-top: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 19.1%; border-top: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>Metric</b></u></p>
			</td>
			<td style="vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); width: 12.1%; border-top: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Valuation of In-Scope Stagwell Businesses (Stagwell&#8217;s investment in MDC is not in-scope)</b></p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell FV / Adj. EBITDA</p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$128</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">13x</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell firm value</p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$1,668</p>
			</td>
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			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell net debt<sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">244</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell equity value</p>
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			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">1,424</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Post-transaction MDC pro forma </b><b>valuation and </b><b>ownership</b></p>
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			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
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			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b>18.5</b><b>%</b></p>
			</td>
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			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Implied pro forma equity value&nbsp;</p>
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			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">411.6mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">1,747</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Implied MDC equity value (excl. Stagwell&#8217;s ownership of MDC&nbsp;common shares)</p>
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			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">61.7mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$262</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell&#8217;s existing&nbsp;ownership of MDC common shares</p>
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			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">14.4mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$61</p>
			</td>
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			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Implied MDC equity value<sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup></p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">76.1mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$323</p>
			</td>
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			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Implied MDC offer price per share</b></i></p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><i><b>&nbsp;</b></i></p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><i><b>$4.25 </b></i></p>
			</td>
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			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Implied </i><i>premium</i><sup style="vertical-align:top;line-height:120%;font-size:pt"><i>3</i></sup></p>
			</td>
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><i>&nbsp;</i></p>
			</td>
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><i>263</i><i>%</i></p>
			</td>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup> Includes deferred acquisition costs and investments</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup><sup style="vertical-align:top;line-height:120%;font-size:pt"> </sup>Diluted share count assuming 72.5mm of Class A and Class B common shares outstanding, 3.0mm restricted stock and restricted stock unit awards, and 0.6mm dilution from stock appreciation rights</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup> Based on closing share price of $1.17 as of June 24, 2020</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr>
			<td style="width: 50%;"><img alt="" src="a_02.jpg"></td>
			<td style="width: 50%; text-align: center;"><img alt="" src="a_01.jpg"></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Appendix B &#8211; Press release</b></u></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>Stagwell Proposes Combination with MDC Partners</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Combined entity would be the 8<sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup> largest global marketing services company</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">The combination will strengthen MDC Partners&#8217; balance sheet and credit profile</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Run-rate synergies are estimated to be $35 million</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Washington, DC &#8211; June 25, 2020<b> - </b>Stagwell Media LP (&#8220;Stagwell&#8221;) announced today it has proposed a combination with MDC Partners, Inc. (&#8220;MDC&#8221;). A letter proposing the combination was delivered to the MDC Board of Directors this afternoon and is reprinted below. The combined entity would have generated over $2 billion in net revenue in 2019. Stagwell believes the combined company would deliver a superior value proposition to clients, enhance shareholder value, create attractive synergy opportunities and enhance the pro forma credit profile through strong free cash flow generation.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The proposal values MDC Class A subordinate voting shares ("Class A shares") at $4.25 per share on a fully diluted basis and implies a premium of 263% to MDC&#8217;s closing price of $1.17 per share on June 24, 2020. As further described in the proposal letter, the pre-transaction holders of MDC Class A shares (without giving effect to any conversion of outstanding preference shares) would own 18.5% of the combined company on a pro forma basis.<i> </i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell believes the combination of its platform with MDC presents a compelling opportunity for both Stagwell and MDC to:</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Scale our offerings and serve clients globally</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Offer best-in-class combination of insights, creative, digital and performance</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Develop products based on our unique combined tech and data assets</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Create value through operating synergies, which initial diligence suggests will have an approximate run-rate of $35 million per annum</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Provide additional growth via a differentiated M&amp;A platform with a unique partnership model and acquisition template</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell expects MDC&#8217;s Board of Directors will form a Special Committee consisting of independent directors, and that this Special Committee will retain independent financial and legal advisors to consider the proposal.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8220;I am excited about the potential combination of MDC Partners and Stagwell and expect the combined company will deliver meaningful shareholder value creation, accelerated growth and enhanced services to clients,&#8221; said Mark Penn, Chairman and CEO of MDC Partners and Managing Partner of the Stagwell Group.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In addition, as indicated in the proposal letter, Stagwell, in its capacity as a holder of both Class A shares and preference shares of MDC, is not prepared to support, consent to or vote in favor of an alternative transaction by MDC, including an alternative business combination or sale transaction.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">J.P. Morgan is acting as exclusive financial advisor and Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Stagwell in connection with the proposal.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>About Stagwell Group</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Stagwell Group is the first and only independent, digital-first, and fully-integrated organization of size &amp; scale servicing brands across the continuum of marketing services. Collaborative by design, Stagwell is not weighed down by legacy points of view and its people are united in their desire to innovate, evolve, grow and deliver superior results for their clients. Stagwell&#8217;s high growth brands include experts in four categories: digital transformation and marketing, research and insights, marketing communications, and content and media. The address of Stagwell is 1808 Eye Street, Floor 6, Washington, D.C., 20006. As of the date hereof, Stagwell and its affiliates beneficially own 50,000 series 6 preference shares (representing 100% of the outstanding Series 6 preference shares) and 14,922,359 Class A shares (representing 19.9% of the outstanding Class A shares) of MDC. A copy of the early warning report to be filed by Stagwell in connection with this press release may be obtained from Beth Lester Sidhu (917-765-2638).</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit F</b></font></p>

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<p style="margin-bottom: 0px; text-align: left; margin-top: 0px">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>Stagwell Proposes Combination with MDC Partners</b></u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<td style="width:18pt;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Combined entity would be the 8<sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup> largest global marketing services company</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">The combination will strengthen MDC Partners&#8217; balance sheet and credit profile</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Run-rate synergies are estimated to be $35 million</p>
			</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Washington, DC &#8211; June 25, 2020<b> - </b>Stagwell Media LP (&#8220;Stagwell&#8221;) announced today it has proposed a combination with MDC Partners, Inc. (&#8220;MDC&#8221;). A letter proposing the combination was delivered to the MDC Board of Directors this afternoon and is reprinted below. The combined entity would have generated over $2 billion in net revenue in 2019. Stagwell believes the combined company would deliver a superior value proposition to clients, enhance shareholder value, create attractive synergy opportunities and enhance the pro forma credit profile through strong free cash flow generation.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The proposal values MDC&nbsp;Class A subordinate voting shares ("Class A shares") at $4.25 per share on a fully diluted basis and implies a premium of 263% to MDC&#8217;s closing price of $1.17 per share on June 24, 2020. As further described in the proposal letter, the pre-transaction holders of MDC Class A shares (without giving effect to any conversion of outstanding preference shares) would own 18.5% of the combined company on a pro forma basis.<i> </i></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell believes the combination of its platform with MDC presents a compelling opportunity for both Stagwell and MDC to:</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Scale our offerings and serve clients globally</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Offer best-in-class combination of insights, creative, digital and performance</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Develop products based on our unique combined tech and data assets</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Create value through operating synergies, which initial diligence suggests will have an approximate run-rate of $35 million per annum</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">-</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Provide additional growth via a differentiated M&amp;A platform with a unique partnership model and acquisition template</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell expects MDC&#8217;s Board of Directors will form a Special Committee consisting of independent directors, and that this Special Committee will retain independent financial and legal advisors to consider the proposal.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#8220;I am excited about the potential combination of MDC Partners and Stagwell and expect the combined company will deliver meaningful shareholder value creation, accelerated growth and enhanced services to clients,&#8221; said Mark Penn, Chairman and CEO of MDC Partners and Managing Partner of the Stagwell Group.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In addition, as indicated in the proposal letter, Stagwell, in its capacity as a holder of both Class A shares and preference shares of MDC, is not prepared to support, consent to or vote in favor of an alternative transaction by MDC, including an alternative business combination or sale transaction.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">J.P. Morgan is acting as exclusive financial advisor and Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Stagwell in connection with the proposal.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>About Stagwell Group</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Stagwell Group is the first and only independent, digital-first, and fully-integrated organization of size &amp; scale servicing brands across the continuum of marketing services. Collaborative by design, Stagwell is not weighed down by legacy points of view and its people are united in their desire to innovate, evolve, grow and deliver superior results for their clients. Stagwell&#8217;s high growth brands include experts in four categories: digital transformation and marketing, research and insights, marketing communications, and content and media. The address of Stagwell is 1808 Eye Street, Floor 6, Washington, D.C., 20006. As of the date hereof, Stagwell and its affiliates beneficially own 50,000 series 6 preference shares (representing 100% of the outstanding Series 6 preference shares) and 14,922,359 Class A shares (representing 19.9% of the outstanding Class A shares) of MDC. A copy of the early warning report to be filed by Stagwell in connection with this press release may be obtained from Beth Lester Sidhu (917-765-2638).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Following is the text of the letter that Stagwell sent today to MDC&#8217;s Board of Directors:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Board of Directors</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">MDC Partners, Inc.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">330 Hudson Street<br>
New York, New York 10013</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Ladies and Gentlemen,</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">I am pleased to deliver this preliminary, non-binding proposal (this &#8220;Proposal&#8221;) for a possible transaction between Stagwell Media LP or one of its affiliated entities (&#8220;Stagwell&#8221;) and MDC Partners, Inc. (&#8220;MDC&#8221; or the &#8220;Company&#8221;). We are enthusiastic about this opportunity and are prepared to devote significant resources to expeditiously complete the work necessary to finalize the terms of a transaction that will create significant value for both companies&#8217; equity holders.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Strategic Rationale</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We believe the combination of our platforms presents a compelling opportunity for both Stagwell and MDC. A combined business would deliver a superior value proposition to customers and enhance shareholder returns through attractive synergy opportunities. Specifically, we have strong conviction that a combination of Stagwell and MDC will create value through operating and overhead efficiencies, economies of scale, additional opportunities for accretive acquisitions and customer growth through complementary service offerings and expanded global reach. Our preliminary outside-in analysis suggests that we can achieve run-rate synergies of over $35 million by combining our businesses.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We are prepared to explore synergy opportunities in greater detail with you, and we see multiple opportunities to strengthen the client offerings through collaboration across business units and significant cross- and up-selling, to build a differentiated M&amp;A platform with a unique partnership model and acquisition template, to enhance revenue growth (pro forma for Stagwell&#8217;s near double-digit revenue growth) and free cash flow profile, and to position the combined company for long-term success. In addition, the combined company will have an enhanced credit profile and stronger balance sheet, further enabling it to realize synergies and drive shareholder value.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Our combined platform, and the combined knowledge and technology stack created through the joining of two world-class businesses, would form an exceptional franchise and accelerate the growth of the combined company. We look forward to exploring with you how our respective companies&#8217; resources can be deployed to provide the most value to our respective equity holders.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Proposal and Financing Considerations</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We propose to combine Stagwell and MDC. Stagwell would contribute a holding company that holds the in-scope businesses of Stagwell to MDC. In exchange, Stagwell would receive 335.5 million common shares of MDC. The preference and common shares of MDC currently held by Stagwell would not be included in the contribution to MDC and would remain outstanding and owned by Stagwell. The pre-transaction holders of MDC common shares (without giving effect to any conversion of outstanding preference shares) would own 18.5% of the combined company on a pro forma basis.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This Proposal values MDC common shares at $4.25 per share on a fully diluted basis and implies a premium of 263% to MDC&#8217;s closing price of $1.17 per share on June 24, 2020. Appendix A outlines how we are valuing Stagwell and how we have arrived at this estimate of the per share value and implied premium for MDC&#8217;s shareholders.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We are confident that all stakeholders will support this accretive combination and expect that MDC&#8217;s existing noteholders will consent to waiving change of control rights under the outstanding 6.50% notes due 2024 in light of the improvement to the credit profile and strengthening of the combined balance sheet that will result from this transaction.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This transaction would be subject to conditions and approvals, to be set forth in definitive documentation, that are customary for transactions of this nature, including the requisite approvals of MDC shareholders and necessary regulatory clearances, none of which is anticipated to be a basis for delay.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The entry into definitive documentation would be subject to the satisfactory completion of due diligence and the receipt of requisite internal authorizations by each party, as well as the approval of the definitive documentation and transaction by a committee of disinterested non-management members of the board of directors of the Company. We expect that, in response to this Proposal, the board will promptly appoint such a committee, which will in turn engage independent advisors, to evaluate this Proposal.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We believe this Proposal represents a unique and compelling opportunity for MDC shareholders to maximize the value of their investment in the Company, with materially lower risk than if MDC proceeds on a stand-alone basis. Furthermore, in our capacity as a holder of both common and preference shares of the Company, we are not prepared to support, consent to or vote in favor of an alternative transaction by the Company, including an alternative business combination or sale transaction.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><b>&nbsp;</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Due Diligence and Timing</b></u></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In order to enter into a definitive transaction agreement, we recognize that both companies will need to complete customary due diligence for a transaction of this type. To date, our internal transaction team, together with our financial advisor, J.P. Morgan Securities LLC, and our legal counsel, Freshfields Bruckhaus Deringer LLP, has performed analyses based on MDC&#8217;s publicly available information. In order to complete our evaluation of MDC and the transaction, we would require additional access to confidential company information and access to select members of MDC management and expect that you will need reciprocal access to Stagwell information and personnel. We are prepared to begin reciprocal due diligence immediately and to move toward executing a definitive transaction agreement expeditiously. Given our existing familiarity with the business as shareholders, we intend to perform a focused and efficient diligence review and are prepared to devote the necessary resources to complete diligence in an expeditious manner, with a goal of minimizing disruption of MDC management. We are also prepared to facilitate MDC&#8217;s reciprocal due diligence review of Stagwell and devote the management time necessary to allow MDC to complete that due diligence on the same timetable.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><b>&nbsp;</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Next Step</b></u><u><b>s</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This letter and Proposal constitute a preliminary, non-binding indication of interest. Unless and until the parties have executed definitive documentation, no obligations of any kind on the part of either party or any of their affiliates or representatives shall exist relating to this letter, this Proposal or any similar transaction.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We will be filing this letter today publicly with the SEC as part of an amendment to our Beneficial Ownership Statement on Schedule 13D that we are required to make under applicable federal securities laws and regulations. In addition, in view of this public filing requirement, we will be issuing a press release in the form attached as Appendix B.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin: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;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Stagwell management team looks forward to further exploring the benefits of a transaction on a friendly basis, and we are open to discussing all issues to determine if we can find a basis for moving forward. Please feel free to contact our advisors at J.P. Morgan (Eric Menell and Charles Post) and Freshfields (Ethan Klingsberg and Paul Tiger) to discuss next steps at your earliest convenience.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Sincerely,&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">________________________________</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Mark Penn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">President and Managing Partner, The Stagwell Group</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><u><b>Appendix A &#8211; Pro forma calculations</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i>($mm, except per share)</i></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>Metric</b></u></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Valuation of In-Scope Stagwell Businesses (Stagwell&#8217;s investment in MDC is not in-scope)</b></p>
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			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell FV / Adj. EBITDA</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$128</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">13x</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell firm value</p>
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			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$1,668</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell net debt<sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup></p>
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			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">244</p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell equity value</p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">1,424</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Post-transaction MDC pro forma </b><b>valuation and </b><b>ownership</b></p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><b>18.5</b><b>%</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Implied pro forma equity value&nbsp;</p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">411.6mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">1,747</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Implied MDC equity value (excl. Stagwell&#8217;s ownership of MDC&nbsp;common shares)</p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">61.7mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$262</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stagwell&#8217;s existing&nbsp;ownership of MDC common shares</p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">14.4mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$61</p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Implied MDC equity value<sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup></p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">76.1mm shares</p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">$323</p>
			</td>
		</tr>
		<tr style="background-color: rgb(204, 238, 255);">
			<td style="vertical-align:middle;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Implied MDC offer price per share</b></i></p>
			</td>
			<td style="vertical-align:middle;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><i><b>&nbsp;</b></i></p>
			</td>
			<td style="vertical-align:middle;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><i><b>$4.25 </b></i></p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255);">
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:68.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Implied premium</i><sup style="vertical-align:top;line-height:120%;font-size:pt"><i>3</i></sup></p>
			</td>
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:19.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><i>&nbsp;</i></p>
			</td>
			<td style="vertical-align:middle;border-bottom:solid 1px #000000;;width:12.1%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;"><i>263</i><i>%</i></p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><sup style="vertical-align:top;line-height:120%;font-size:pt">1</sup> Includes deferred acquisition costs and investments</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><sup style="vertical-align:top;line-height:120%;font-size:pt">2</sup><sup style="vertical-align:top;line-height:120%;font-size:pt"> </sup>Diluted share count assuming 72.5mm of Class A and Class B common shares outstanding, 3.0mm restricted stock and restricted stock unit awards, and 0.6mm dilution from stock appreciation rights</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><sup style="vertical-align:top;line-height:120%;font-size:pt">3</sup> Based on closing share price of $1.17 as of June 24, 2020</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">4</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b>&nbsp;</b></p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 50%;"><img alt="" src="a_02.jpg"></td>
			<td style="width: 50%; text-align: center;"><img alt="" src="a_01.jpg"></td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><b>Appendix </b></u><u><b>B</b></u><u><b> &#8211; </b></u><u><b>Press release</b></u></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div class="LAST-PAGE-BREAK">
<div class="PGFTR">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">5</div>
</div>
</div>
</div>


</body></html>
</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>a_01.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
