<SEC-DOCUMENT>0001104659-21-077332.txt : 20210607
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<ACCEPTANCE-DATETIME>20210607065935
ACCESSION NUMBER:		0001104659-21-077332
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20210604
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210607
DATE AS OF CHANGE:		20210607

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		21998174

	BUSINESS ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
</SEC-HEADER>
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<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span><b><br />
WASHINGTON, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_907_edei--DocumentType_c20210604__20210604_ziUdd9vj5512"><ix:nonNumeric contextRef="From2021-06-04to2021-06-04" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d)<br />
of the Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of Registrant as Specified
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<p style="margin-top: 0; margin-bottom: 0">&#160;&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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(Registrant&#8217;s Telephone Number)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
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                                    to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td></tr>
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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications
                                    pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td></tr>
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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications
                                    pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:</span></p>



<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &#167;240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt">&#160;</p>

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<td style="width: 12%; text-align: left"><b>Item 1.01</b></td><td style="text-align: justify; width: 88%"><b>Entry into a Material Definitive Agreement</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>Transaction Agreement Amendment</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As previously announced, MDC Partners Inc.
(&#8220;<span style="text-decoration: underline">MDC</span>&#8221;) and Stagwell Media LP (&#8220;<span style="text-decoration: underline">Stagwell</span>&#8221;) entered into a transaction agreement, dated as of December
21, 2020 (the &#8220;<span style="text-decoration: underline">Transaction Agreement</span>&#8221;), by and among MDC, Stagwell, New MDC LLC and Midas Merger Sub 1 LLC providing
for, among other things, the combination of MDC with certain subsidiaries of Stagwell (the &#8220;<span style="text-decoration: underline">Transaction</span>&#8221;, and following
the Transaction, the combined company is referred to herein as the &#8220;<span style="text-decoration: underline">Combined Company</span>&#8221;). On June 4, 2021, MDC and Stagwell
entered into an amendment (the &#8220;<span style="text-decoration: underline">Amendment</span>&#8221;) to the Transaction Agreement, pursuant to which MDC and Stagwell have agreed
to modify certain provisions of the Transaction Agreement to reflect, among other things, that:</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">1)</td><td>At least two of the directors Stagwell is entitled to appoint (the &#8220;<span style="text-decoration: underline">Stagwell Directors</span>&#8221;) to the Combined Company
board of directors (the &#8220;<span style="text-decoration: underline">Combined Company Board</span>&#8221;) pursuant to the Transaction Agreement shall be independent in accordance
with SEC and NASDAQ independence rules applicable to a NASDAQ-listed company that is not a controlled company pursuant to NASDAQ rules
(&#8220;<span style="text-decoration: underline">SEC/NASDAQ Independence Rules</span>&#8221;);</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">2)</td><td><span style="color: #231F20">From and after the second annual meeting following the closing of the Transaction (the &#8220;<span style="text-decoration: underline">Post-Closing
Governance Period</span>&#8221;), for so long as (a) Stagwell has nominated a majority of the directors constituting the Combined Company
Board, or (b) Stagwell has the contractual right to appoint a majority of the Combined Company Board, Stagwell shall ensure that (i) at
least two of the Stagwell Directors or their successors shall be independent in accordance with SEC/NASDAQ Independence Rules and (ii)
a majority of the Combined Company Board shall be independent in accordance with SEC/NASDAQ Independence Rules;</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">3)</td><td><span style="color: #231F20">From and after the Post-Closing Governance Period, for so long as Stagwell and its affiliates collectively
beneficially own more than 10% of the then-issued and outstanding voting securities of the Combined Company, a majority of the Combined
Company Board shall be independent in accordance with SEC/NASDAQ Independence Rules;</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">4)</td><td>For so long as Stagwell and its affiliates collectively beneficially own 30% or more of the then-issued and outstanding voting securities
of the Combined Company, Stagwell and the Combined Company shall cause each director of the Combined Company, as a condition to his or
her nomination to the Combined Company Board, to agree to tender his or her resignation to the Combined Company Board if such director
receives more &#8220;withhold&#8221; votes than &#8220;for&#8221; votes from shareholders other than Stagwell and its affiliates in an
uncontested election in which Stagwell and its affiliates collectively beneficially own 30% or more of the then-issued and outstanding
voting securities of the Combined Company, which resignation shall be effective sixty days after the date of the election unless the Combined Company
Board elects to reject such resignation; and</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">5)</td><td>The Combined Company shall cause all of the members of the Combined Company&#8217;s Audit Committee, Compensation Committee and Nominating
&amp; Corporate Governance Committee to be independent in accordance with SEC and NASDAQ independence rules applicable to such committees
of a NASDAQ-listed company that is not a controlled company pursuant to NASDAQ rules.</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">A copy of the Amendment is filed as Exhibit
2.1 hereto and incorporated by reference herein. The foregoing description of the Amendment is qualified in its entirety by reference
thereto.</p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; vertical-align: top; width: 12%; font-size: 10pt"><span style="font-size: 10pt"><b>Item&#160;5.02(d) &#160;</b></span></td>
    <td style="width: 88%; font-size: 10pt"><span style="font-size: 10pt"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 7, 2021, MDC announced that Stagwell has named the four director
designees it intends to nominate to the board of directors of the Combined Company pursuant to the terms of the Transaction Agreement:
Paul Richardson, former CFO and Member of the Board of Directors of WPP; Rodney Slater, former U.S. Secretary of Transportation; Brandt
Vaughan, Chief Operating Officer and Chief Investment Officer of the Ballmer Group; and Charlene Barshefsky, former U.S. Trade Representative,
who is currently an independent director of MDC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Further information about each designee is
below:</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td><b>Paul Richardson</b>, age 63, is a business executive who served as Group Finance Director (Chief Financial Officer) and member
of the Board of Directors of WPP plc from 1996 until his retirement in May 2020. During his tenure at WPP, Mr. Richardson was responsible
for the company&#8217;s worldwide functions in finance, information technology, procurement, property, treasury, taxation, internal audit
and sustainability. Mr. Richardson was also an independent director of WPP AUNZ from 1999 to 2020. Mr. Richardson is a chartered accountant
and fellow of the Association of Corporate Treasurers. Mr. Richardson&#8217;s deep industry experience and knowledge of strategy, finance,
and operations are key qualifications for the Combined Company Board. Mr. Richardson resides in New York, New York.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td><b>Rodney Slater</b>, age 66, is a partner in the law firm Squire Patton Boggs LLP since 2001 practicing in the areas of transportation,
infrastructure and public policy. Previously, Secretary Slater served as the U.S. Secretary of Transportation from 1997 to 2001 and as
the Administrator of the Federal Highway Administration from 1993 to 1997. Secretary Slater has served as a director of Verizon Communications
since 2010 and as a director of Kansas City Southern since 2001. He also served as a director of Transurban Group from 2009 to 2018 and
Atkins plc from 2011 to 2014. Secretary Slater is also expected to join the board of directors of EVgo upon the closing of its previously
announced business combination with Climate Change Crisis Real Impact I Acquisition Corporation. Secretary Slater&#8217;s significant
leadership and strategic planning experience in the public and private sectors and perspectives on strategic partnerships, risk management,
compliance, and legal issues are key qualifications for the Combined Company Board. Secretary Slater resides in Washington, D.C.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td><b>Brandt Ashley Vaughan,</b> age 54, is Chief Operating Officer and Chief Investment Officer of Ballmer Group, where he manages its
operating, public and private equity investing and philanthropic investing across a range of assets including the Los Angeles Clippers
and LA Forum. Prior to joining Ballmer Group in 2014, Mr. Vaughan led enterprise-wide strategic planning and analysis for Microsoft. In
addition, he served as Chief Financial Officer for Microsoft&#8217;s centralized marketing and business development functions and had
a range of financial management roles over a more than decade-long career at Microsoft. Mr. Vaughan is on the Board of Directors for One
Community, Second Spectrum and the L.A. Clippers Foundation. Mr. Vaughan&#8217;s deep experience and knowledge of strategy, finance, and
operations are key qualifications for the Combined Company Board. Mr. Vaughan resides in Seattle, Washington.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td><b>Charlene Barshefsky</b>, age 70, has been a member of  MDC&#8217;s board of directors since 2019 and is Chair of Parkside Global
Advisors, a position she has held since April 2021. Prior to this, she was a Senior International Partner at WilmerHale, a multinational
law firm based in Washington, D.C., from 2001 through March 2021. At WilmerHale, Ambassador Barshefsky advised multinational corporations
on their market access, regulatory, investment and acquisition strategies in major markets across the globe. Prior to joining WilmerHale,
Ambassador Barshefsky was the United States Trade Representative (USTR) and a member of President Clinton&#8217;s Cabinet from 1997 to
2001 and Acting and Deputy USTR from 1993 to 1996. As the USTR, she served as chief trade negotiator and principal trade policymaker for
the United States and, in both roles, negotiated complex market access, regulatory and investment agreements with virtually every major
country in the world. Ambassador Barshefsky serves on the boards of directors of the American Express Company and the Estee Lauder Companies
and is a member of the board of trustees of the Howard Hughes Medical Institute. She is also a member of the Council on Foreign Relations.
Ambassador Barshefsky served on the boards of directors of Intel Corporation from 2004 to 2018 and Starwood Hotels &amp; Resorts from
2004 to 2016. Ambassador Barshefsky&#8217;s distinguished record as a policymaker and negotiator, ability to assess regulatory risks,
as well as exceptional Board director experience for some of the world&#8217;s most respected consumer companies across a range of sectors
focused on digital innovation are key qualifications for the Combined Company Board. Ambassador Barshefsky resides in Washington, D.C.</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Each of Mr. Richardson, Secretary Slater and
Mr. Vaughn are expected to receive compensation commensurate with the compensation of MDC&#8217;s existing non-management directors.</p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; vertical-align: top; width: 12%; font-size: 10pt"><span style="font-size: 10pt"><b>Item&#160;7.01 </b></span></td>
    <td style="font-size: 10pt; width: 88%"><span style="font-size: 10pt"><b>Regulation FD Disclosure.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with ongoing discussions between the Special Committee
of the Board of Directors of MDC (the &#8220;<span style="text-decoration: underline">Special Committee</span>&#8221;) and Stagwell, on June 6, 2021, Stagwell delivered a letter
(the &#8220;<span style="text-decoration: underline">Stagwell Letter</span>&#8221;) to the Special Committee in which Stagwell stated that it would consider certain further amendments
to the terms of the Transaction Agreement as described therein. The Special Committee, in consultation with its outside legal counsel
and financial advisors, is carefully reviewing and considering the Stagwell Letter to determine the course of action that it believes
is in the best interests of MDC and its shareholders. There can be no assurance that the Stagwell Letter will result in further amendments
to the Transaction Agreement or that the Transaction will be consummated on the terms described in the Stagwell Letter. The full text
of the Stagwell Letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June&#160;7, 2021, MDC issued a press release announcing MDC&#8217;s
entry into the Amendment and that Stagwell has named the four director designees it intends to nominate to the Combined Company Board
pursuant to the Transaction Agreement. The full text of the press release is furnished as Exhibit 99.2 to this Current Report on Form
8-K and is incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in this Item 7.01, Exhibit 99.1 and Exhibit 99.2 is
being furnished under Item 7.01 and shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Exchange Act, or otherwise
subject to the liability of such section, nor shall such exhibit be deemed incorporated by reference in any filing under the Securities
Act or the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, MDC is announcing that, upon the completion of the Transaction,
it intends to change its name to Stagwell Inc.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cautionary Statement Regarding Forward-Looking Statements </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication may contain certain forward-looking statements (collectively,
&#8220;<span style="text-decoration: underline">forward-looking statements</span>&#8221;) within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and
Section 21E of the U.S. Exchange Act and the United States Private Securities Litigation Reform Act of 1995, as amended, and &#8220;forward-looking
information&#8221; under applicable Canadian securities laws. Statements in this document that are not historical facts, including statements
about MDC&#8217;s or Stagwell&#8217;s beliefs and expectations and recent business and economic trends, constitute forward-looking statements.
Words such as &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;target,&#8221; &#8220;predict,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;potential,&#8221; &#8220;create,&#8221; &#8220;intend,&#8221; &#8220;could,&#8221; &#8220;should,&#8221;
&#8220;would,&#8221; &#8220;may,&#8221; &#8220;foresee,&#8221; &#8220;plan,&#8221; &#8220;will,&#8221; &#8220;guidance,&#8221; &#8220;look,&#8221;
&#8220;outlook,&#8221; &#8220;future,&#8221; &#8220;assume,&#8221; &#8220;forecast,&#8221; &#8220;focus,&#8221; &#8220;continue,&#8221;
or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current
plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section. Such forward-looking
statements may include, but are not limited to, statements related to: future financial performance and the future prospects of the respective
businesses and operations of MDC, Stagwell and the combined company; information concerning the Transaction; the anticipated benefits
of the Transaction; the likelihood of the Transaction being completed; the anticipated outcome of the Transaction; the tax impact of the
Transaction on MDC and shareholders of MDC; the timing of the shareholder meeting to approve the Transaction (the &#8220;Special Meeting&#8221;);
the shareholder approvals required for the Transaction; regulatory and stock exchange approval of the Transaction; and the timing of the
implementation of the Transaction. A number of important factors could cause actual results to differ materially from those contained
in any forward-looking statement, including the risks identified in our filings with the Securities Exchange Commission (the &#8220;<span style="text-decoration: underline">SEC</span>&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These forward-looking statements are subject to various risks and uncertainties,
many of which are outside MDC&#8217;s control. Important factors that could cause actual results and expectations to differ materially
from those indicated by such forward-looking statements include, without limitation, the risks and uncertainties set forth under the section
entitled &#8220;Risk Factors&#8221; in the registration statement on Form S-4 filed on February 8, 2021, and as amended on March 29, 2021,
April 21, 2021 and April 30, 2021 (the &#8220;<span style="text-decoration: underline">Form S-4</span>&#8221;), under the section entitled &#8220;Risk Factors&#8221; in the proxy
statement/prospectus on Form 424B3 filed on May 10, 2021 (together with the Form S-4, the &#8220;<span style="text-decoration: underline">Proxy Statement/Prospectus</span>&#8221;),
under the caption &#8220;Risk Factors&#8221; in MDC&#8217;s Annual Report on Form 10-K for the year-ended December 31, 2020 under Item
1A and under the caption &#8220;Risk Factors&#8221; in MDC&#8217;s Quarterly Report on Form 10-Q for the quarter-ended March 31, 2021
under Item 1A. These and other risk factors include, but are not limited to, the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#8226;</td><td>an inability to realize expected benefits of the Transaction or the occurrence of difficulties in connection with the Transaction;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#8226;</td><td>adverse tax consequences in connection with the Transaction for MDC, its operations and its shareholders, that may differ from the
expectations of MDC or Stagwell, including that future changes in tax law, potential increases to corporate tax rates in the United States
and disagreements with the tax authorities on MDC&#8217;s determination of value and computations of its tax attributes may result in
increased tax costs;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#8226;</td><td>the occurrence of material Canadian federal income tax (including material &#8220;emigration tax&#8221;) as a result of the Transaction;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#8226;</td><td>the impact of uncertainty associated with the Transaction on MDC&#8217;s and Stagwell&#8217;s respective businesses;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#8226;</td><td>direct or indirect costs associated with the Transaction, which could be greater than expected;</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#8226;</td><td>the risk that a condition to completion of the Transaction may not be satisfied and the Transaction may not be completed; and</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#8226;</td><td>the risk of parties challenging the Transaction or the impact of the Transaction on MDC&#8217;s debt arrangements.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You can obtain copies of MDC&#8217;s filings under its profile on SEDAR
at www.sedar.com, its profile on the SEC&#8217;s website at www.sec.gov or its website at www.mdc-partners.com. MDC does not undertake
any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly
required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Additional Information and Where to Find It</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Transaction, MDC and New MDC filed with the
SEC the Proxy Statement/Prospectus. This communication is not a substitute for the Proxy Statement/Prospectus or any other document MDC
may file with the SEC in connection with the Transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INVESTORS AND SECURITYHOLDERS OF MDC ARE URGED TO READ CAREFULLY THE
PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION IN ITS ENTIRETY (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY DOCUMENTS
WHICH ARE INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.
You may obtain, free of charge, copies of the Proxy Statement/Prospectus and other relevant documents filed by MDC or New MDC with the
SEC, at the SEC&#8217;s website at www.sec.gov. In addition, investors and securityholders are able to obtain free copies of the Proxy
Statement/Prospectus and other relevant documents filed by MDC or New MDC with the SEC and from MDC&#8217;s website at http://www.mdc-partners.com.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The URLs in this announcement are intended to be inactive textual references
only. They are not intended to be active hyperlinks to websites. The information on such websites, even if it might be accessible through
a hyperlink resulting from the URLs or referenced herein, is not and shall not be deemed to be incorporated into this announcement. No
assurance or representation is given as to the suitability or reliability for any purpose whatsoever of any information on such websites.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>No Offer or Solicitation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not constitute an offer to buy or exchange,
or the solicitation of an offer to sell or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in
which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This communication is not a substitute for any prospectus, proxy statement or any other document that MDC or New MDC may file with the
SEC in connection with the Transaction. No money, securities or other consideration is being solicited, and, if sent in response to the
information contained herein, will not be accepted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offering of securities shall be made except by means of a prospectus
meeting the requirements of the U.S. Securities Act of 1933, as amended. The Transaction and distribution of this document may be restricted
by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves
about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction. No offering of securities will be made directly or indirectly, in or into any jurisdiction where to do so would
be inconsistent with the laws of such jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Participants in the Solicitation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MDC, New MDC and their respective directors and executive officers
and other members of management and employees, may be deemed to be participants in the solicitation of proxies from MDC&#8217;s shareholders
with respect to the approvals required to complete the Transaction. More detailed information regarding the identity of these potential
participants, and any direct or indirect interests they may have in the Transaction, by security holdings or otherwise, is set forth in
the Proxy Statement/Prospectus filed with the SEC. Information regarding MDC&#8217;s directors and executive officers is set forth in
the definitive proxy statement on Schedule 14A filed by MDC with the SEC on May 10, 2021, in the Annual Report on Form 10-K filed by MDC
with the SEC on March 16, 2021, as amended on April 27, 2021 and in the Quarterly Report on Form 10-Q filed by MDC with the SEC on May
10, 2021. Additional information regarding the interests of participants in the solicitation of proxies in respect of the Special Meeting
is included in the Proxy Statement/Prospectus filed with the SEC. These documents are available to the shareholders of MDC free of charge
from the SEC&#8217;s website at www.sec.gov and from MDC&#8217;s website at www.mdc-partners.com.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You must not construe the contents of this document as legal, tax,
regulatory, financial, accounting or other advice, and you are urged to consult with your own advisors with respect to legal, tax, regulatory,
financial, accounting and other consequences of the Transaction, the suitability of the Transaction for you and other relevant matters
concerning the Transaction<b>.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 12%"><b>Item 9.01</b></td><td style="width: 88%"><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 7%"><a href="tm2118872d1_ex2-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">2.1</span></a></td>
    <td style="width: 93%"><a href="tm2118872d1_ex2-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Amendment No. 1 to the Transaction Agreement, dated as of June 4, 2021</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2118872d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">99.1&#160;</span></a></td>
    <td><a href="tm2118872d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Letter from Stagwell Media, LP to the Chair of the Special Committee of the Board of Directors
    of MDC Partners, Inc., dated as of June 6, 2021</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><a href="tm2118872d1_ex99-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">99.2</span></a></td>
    <td><a href="tm2118872d1_ex99-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Press release, dated as of June 7, 2021, of MDC Partners Inc.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">104</span></td>
    <td><span style="font-size: 10pt">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: June 7, 2021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top">&#160;</td>
<td colspan="2" style="vertical-align: top">MDC Partners Inc. &#160;</td></tr>
<tr>
<td style="width: 50%">&#160;</td>
<td style="width: 3%">&#160;</td>
<td style="width: 47%">&#160;</td></tr>
<tr>
<td style="vertical-align: top">&#160;</td>
<td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">By:</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">/s/ <span style="font-variant: small-caps">David Ross</span></span></td></tr>
<tr>
<td style="vertical-align: top">&#160;</td>
<td style="vertical-align: top">&#160;</td>
<td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">David Ross</span></td></tr>
<tr>
<td style="vertical-align: top">&#160;</td>
<td style="vertical-align: top">&#160;</td>
<td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">Executive Vice President and General Counsel</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<DOCUMENT>
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<DESCRIPTION>EXHIBIT 2.1
<TEXT>
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<HEAD>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 2.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDMENT NO. 1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TO THE TRANSACTION AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">AMENDMENT NO. 1, dated as of June 4, 2021 (this
 &ldquo;<U>Amendment No. 1</U>&rdquo;), to the Transaction Agreement, dated as of December 21, 2020 (as amended, supplemented or otherwise
modified from time to time, the &ldquo;<U>Agreement</U>&rdquo;), by and among Stagwell Media LP, a Delaware limited partnership (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Stagwell</U>&rdquo;</FONT>),
MDC Partners Inc., a Canadian corporation, which shall domesticate to the State of Delaware and become a Delaware corporation prior to
the Closing (as defined in the Agreement) in accordance with the terms of the Agreement (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>MDC</U></FONT>&rdquo;),
New MDC LLC, a Delaware limited liability company and wholly-owned subsidiary of MDC (&ldquo;<U>New MDC</U>&rdquo;), and Midas Merger
Sub 1 LLC, a Delaware limited liability company and wholly-owned subsidiary of New MDC (&ldquo;<U>Merger Sub</U>&rdquo; and, together
with Stagwell, MDC and New MDC, the &ldquo;<U>Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Parties wish to amend the Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the MDC Special Committee (as defined
in the Agreement) has unanimously recommended to the MDC Board that MDC amend the Agreement, and the MDC Board, acting upon the unanimous
recommendation of the MDC Special Committee, has unanimously (with Mark Penn, Charlene Barshefsky and Bradley Gross abstaining from voting
or participating in any deliberations with respect thereto), approved the execution, delivery and performance by MDC of this Amendment
No. 1; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, pursuant to Section 11.09 of the Agreement,
the Agreement may be amended pursuant to an instrument in writing signed on behalf of each of the Parties (in the case of MDC, acting
upon the recommendation of the MDC Special Committee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the premises
herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD><U>Definitions</U>. Unless otherwise defined herein or amended hereby, capitalized terms used herein which are defined in the Agreement
shall have the meanings ascribed to them in the Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD><U>Post-Closing New MDC Board and Committee Representation</U>. Section 7.15 of the Agreement is hereby amended and restated to read
in its entirety as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>Prior
to the consummation of the MDC Merger, MDC shall cause all directors, other than the three (3) MDC directors to be identified by the
MDC Special Committee following the date hereof but prior to the Closing (such persons, the &ldquo;<U>Continuing Independent Directors</U>&rdquo;),
Bradley Gross and Mark Penn, to resign and shall take all requisite action such that each of Paul Richardson, Rodney Slater, Brandt Vaughan
and Charlene Barshefsky (such persons (or, if they are unwilling or unable to serve, replacements designated by Stagwell in writing),
together with their respective successors or replacements determined in accordance with this Agreement, the &ldquo;<U>Stagwell-Nominated
Directors</U>&rdquo;), at least two (2) of whom shall be independent in accordance with SEC and NASDAQ independence rules applicable
to service on the board of directors of a NASDAQ-listed company that is not a controlled company pursuant to NASDAQ rules (&ldquo;<U>Controlled
Company</U>&rdquo;) (&ldquo;<U>SEC/NASDAQ Independent</U>&rdquo;, and such directors, together with their respective successors or replacements
determined in accordance with this Agreement, the &ldquo;<U>Independent Stagwell-Nominated Directors</U>&rdquo;), be appointed to the
board of directors of New MDC (the &ldquo;<U>New MDC Board</U>&rdquo;) (effective as of Closing), to serve until their respective successors
are duly elected and qualified or until each such director&rsquo;s earlier death, resignation or removal.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>Subject
to the fiduciary duties of the New MDC Board, New MDC shall cause the Continuing Independent Directors and the Independent Stagwell-Nominated
Directors to be nominated as part of New MDC&rsquo;s proposed slate of directors at the next two annual meetings of New MDC stockholders
following the Closing (the &ldquo;<U>Post-Closing Governance Period</U>&rdquo;); <I>provided</I>, that if any such Continuing Independent
Director or Independent Stagwell-Nominated Director is unwilling or unable to continue serving as a director of New MDC for any reason,
then a replacement SEC/NASDAQ Independent nominee shall be selected (i) in the case of any such Continuing Independent Director, by the
remaining Continuing Independent Directors then in office (or if no Continuing Independent Directors are then in office, by the SEC/NASDAQ
Independent directors then serving on the New MDC Board), and (ii) in the case of any such Independent Stagwell-Nominated Director, by
Stagwell (subject to such replacement being SEC/NASDAQ Independent). From and after the Post-Closing Governance Period, (x) for so long
as (1) Stagwell has nominated directors constituting a majority of the New MDC Board or (2) Stagwell has the contractual right to appoint
a majority of the New MDC Board, Stagwell shall ensure that (A) at least two (2) of the Stagwell-Nominated Directors shall be SEC/NASDAQ
Independent and (B) a majority of the New MDC Board shall be SEC/NASDAQ Independent, and (y) for so long as Stagwell and its Affiliates
collectively Beneficially Own more than 10% of the then-issued and outstanding voting securities of New MDC, a majority of the New MDC
Board shall be SEC/NASDAQ Independent.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>For so long as Stagwell and its Affiliates collectively Beneficially Own 30% or more of the then-issued and outstanding voting securities
of New MDC, Stagwell and New MDC shall, as a condition to being nominated to the New MDC Board, cause each member of the New MDC Board
to enter into an agreement setting forth that if (i)&#8239;such member of the New MDC Board is a nominee to the New MDC Board (excluding,
for the avoidance of doubt, any such nominee serving as CEO of New MDC at such time) and such nominee receives, in an uncontested election
(an &ldquo;<U>Election</U>&rdquo;), a number of votes &ldquo;withheld&rdquo;
from his or her election that is greater than the number of votes cast &ldquo;for&rdquo; the election of such nominee, excluding for this
purpose any votes cast &ldquo;for&rdquo; or &ldquo;withheld&rdquo; in the election of such nominee by Stagwell or its Affiliates, and
(ii) as of the applicable record date for such Election, Stagwell and its Affiliates collectively Beneficially Owned 30% or more of the
then-issued and outstanding voting securities of New MDC, then such Person shall tender his or her resignation from his or her position
as a director of the New MDC Board (a &ldquo;<U>Resignation</U>&rdquo;). In such event, the New MDC Board shall evaluate such director&rsquo;s
Resignation and determine its response in accordance with its fiduciary duties. Unless the New MDC Board decides to reject such Resignation
or to postpone the effective date of such Resignation, such Resignation shall become effective sixty (60) days after the date of the applicable
Election. In making a determination whether to reject the Resignation or postpone the effective date of the Resignation, the New MDC Board
shall consider all factors it considers relevant to the best interests of New MDC. In the event a director tenders a Resignation pursuant
to this <U>Section 7.15(c)</U>, New MDC shall not permit such director to participate in the portion of any meeting of the New MDC Board
during which the vote on his or her Resignation occurs. New MDC agrees that it shall issue a news release reasonably promptly following
the New MDC Board's decision with respect to any such Resignation. In the event a director&rsquo;s Resignation is accepted in accordance
with this <U>Section 7.15(c)</U>, (x) if such director is a Continuing Independent Director or was otherwise nominated or appointed by
the SEC/NASDAQ Independent directors on the New MDC Board pursuant to the proviso set forth in <U>Section 7.15(b)(i)</U>, the resulting
vacancy shall be filled by the remaining Continuing Independent Directors then in office (or if no Continuing Independent Directors are
then in office, by the SEC/NASDAQ Independent directors then serving on the New MDC Board), (y) if such director is a Stagwell-Nominated
Director or was otherwise nominated or appointed by Stagwell pursuant to this <U>Section 7.15</U>, the resulting vacancy shall be filled
by Stagwell (provided at least two (2) of the Stagwell-Nominated Directors are SEC/NASDAQ Independent), and (z) if such director was nominated
or appointed by Goldman Sachs pursuant to any rights Goldman Sachs may have pursuant to the terms of any shares of preferred stock of
New MDC, the resulting vacancy shall be filled by Goldman Sachs.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Subject to the fiduciary duties of the New MDC Board, New MDC shall cause all of the members of New MDC&rsquo;s Audit Committee, Compensation
Committee and Nominating &amp; Corporate Governance Committee to be independent in accordance with the SEC and NASDAQ independence rules
applicable to such committee of non-Controlled Companies. The composition of all other committees of the New MDC Board will be determined
by the post-Closing New MDC Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD><U>Other Post-Closing Governance Matters</U>. Section 7.16 of the Agreement is hereby amended and restated to read in its entirety
as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">Section 7.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other Post-Closing Governance
Matters</U>. The parties hereby agree that, for so long as (x) Stagwell and its Affiliates collectively Beneficially Own more than 10%
of the then-issued and outstanding voting securities of New MDC, (y) Stagwell has nominated directors constituting a majority of the New
MDC Board, or (z) Stagwell has the contractual right to appoint a majority of the New MDC Board:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
related-party transaction by and between New MDC or any of the MDC Subsidiaries, on the one hand, and Stagwell or its Affiliates (other
than New MDC and the MDC Subsidiaries), on the other hand, will require the approval of a majority of the independent directors then-serving
on the New MDC Board; provided, that, for the avoidance of doubt, any amendment or modification of (i) solely to the extent they relate
to any right, power or preference unique to Stagwell or its Affiliates (other than New MDC and the MDC Subsidiaries), the New MDC Certificate
of Incorporation or the New MDC Bylaws; (ii) any Ancillary Agreement; or (iii) this Agreement, including Section 7.15 and this Section
7.16, shall each be considered such a related-party transaction; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any
proposed business combination following the Closing by and between New MDC, on the one hand, and Stagwell or any of its Affiliates (other
than New MDC and any of the MDC Subsidiaries), on the other hand, shall require (i) approval from a &ldquo;majority of the minority&rdquo;
of New MDC stockholders, and (ii) the creation of a special committee of the post-Closing New MDC Board comprised solely of independent
and disinterested directors with authority similar to that of the MDC Special Committee. For the avoidance of doubt, the foregoing requirement
shall not apply to any business combination solely among direct or indirect Subsidiaries (other than OpCo) of New MDC. (c) For purposes
of this Section 7.16, &ldquo;Beneficially Owns&rdquo; shall mean the beneficial ownership (as defined in Rule 13d-3 under the Exchange
Act) of Stagwell, but shall expressly exclude any shares held directly by any of its limited partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of <U>Section 7.15</U> and this <U>Section 7.16</U>, &ldquo;<U>Beneficially Owns</U>&rdquo; shall mean beneficial ownership (as
defined in Rule 13d-3 under the Exchange Act), but with respect to Stagwell, shall expressly exclude any shares held directly by any of
its limited partners that are not Affiliates of Stagwell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD><U>Effectiveness</U>. This Amendment No. 1 shall become effective as of the date first written above (the &ldquo;<U>First Amendment
Effective Date</U>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD><U>Reference to and Effect on the Agreement</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>On or after the First Amendment Effective Date, each reference in the Agreement to &ldquo;this Agreement,&rdquo; &ldquo;hereunder,&rdquo;
 &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; or words of like import referring to the Agreement shall mean and be a reference to the Agreement
as amended by this Amendment No. 1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>Except as amended hereby, the provisions of the Agreement are and shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD><U>Miscellaneous</U>. The provisions of Sections 11.01 (Notices), 11.02 (Interpretations), 11.03 (<FONT STYLE="font-family: Times New Roman, Times, Serif">Governing
Law; Jurisdiction; Specific Performance; Waiver of Jury Trial)</FONT>, 11.04 (Counterparts; Electronic Transmission of Signatures), 11.05
(Assignment; No Third-Party Beneficiaries), 11.07 (Severability), 11.08 (Entire Agreement) and 11.09 (Amendment) of the Agreement shall
apply <I>mutatis mutandis </I>to this Amendment No. 1.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>[Remainder of this page intentionally
left blank. Signature page follows.]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Parties have duly entered
into this Amendment No. 1 as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>MDC PARTNERS INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David Ross</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>David Ross</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Vice President and General Counsel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>STAGWELL MEDIA LP</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>By:</B></TD>
    <TD><B>The Stagwell Group LLC, its General Partner</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mark Penn</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Mark Penn</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Manager</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>NEW MDC LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David Ross</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>David Ross</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Vice President and General Counsel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>MIDAS MERGER SUB 1 LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David Ross</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>David Ross</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Executive Vice President and General Counsel</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Signature Page &ndash; Amendment No. 1 to the Transaction Agreement</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2118872d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Private &amp; Confidential Communication</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>FOR DISCUSSION PURPOSES ONLY</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 6, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Irwin Simon<BR>
Chair of the Special Committee of the MDC Board of Directors<BR>
MDC Partners, Inc.<BR>
One World Trade Center, Floor 65<BR>
New York, NY 10007</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>Non-binding Proposal for Potential Modification of the Definitive Transaction Agreement</U>.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There has been public discussion from one or more
shareholders that they are dissatisfied with the &ldquo;split&rdquo; between Stagwell investors and existing MDC Partners shareholders.
We believe that the Independent Special Committee did a thorough evaluation and held detailed negotiations that produced a fair outcome,
as the Committee has explained publicly. As your Committee has reiterated, this deal offers significant and lasting benefits to MDC shareholders
including an improved balance sheet, greater scale, expanded growth and new digital marketing opportunities. The market has received this
deal with a huge increase in shareholder value since proposed from nearly $1 to closing on Friday at $5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nevertheless, sometimes for the sake of expediency,
it makes sense to depart from what is fair and reasonable to overcome the practical considerations that might slow us down. Consequently,
we have consulted internally and with our investors to provide you with an indication of modifications that Stagwell might reasonably
accept if it moved the deal to a prompt and speedy conclusion with unquestioned and broadened support. We are willing to go the extra
mile here in the best interests of the company and its employees who have waited patiently for this combination and whose futures hang
in the balance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We suggest that we would consider a deal in which
1) Stagwell would give up <B>20 million common</B> shares from those allotted at closing; and 2) Stagwell would abate, along with Goldman
Sachs, one year of accretion in the preferred shares of Series 4 and Series 6 starting at closing. <B>This will take the so-called equity
split to approximately 70/30.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;At the $5 per share close on Friday June 4, 2021, this <B>represents
$100 million in value </B>that Stagwell is indicating a willingness to give up plus the <B>nearly $15 million benefit</B> to the shareholders
from abatement of accretion by Stagwell and Goldman Sachs. &#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Give Up of 20 Million Common Shares</U></B>. The proposal would
adjust the current split including all shares and SARS as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDC%</FONT></TD>
    <TD STYLE="text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDC Shares</FONT></TD>
    <TD STYLE="text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Stagwell</FONT></TD>
    <TD STYLE="text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current:</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.4%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81.5</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">216.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">297.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After Mod:</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.4%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81.5</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">277.6</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>One Year Abatement to Preferred Accretion</U></B> Shareholders
of both series of preferred shares would agree to abate any accretion over the next year. As a result, the Series 4 Preferred Shares are
expected to forego accretion worth $8.9 million, and the Series 6 Preferred Shares are expected to forego accretion worth $5.7 million
through the end of the accretion period. This amounts to $14.6 million of total forgone accretion for Stagwell and Goldman equivalent
to 2.9 million shares based on their $5.00 strike price. Please see the chart below for further detail on the impact of this accretion
abatement, including on the compounding on the shares that otherwise would be earned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt">($&rsquo;s and shares in millions)</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt"><B><U>Without Abatement</U></B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><B>Q2&rsquo;20</B></TD><TD STYLE="text-align: right; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-size: 10pt"><B>Q1&rsquo;24</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; width: 72%; font-size: 10pt; text-align: left">Series 4 Liquidation Preference</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; width: 12%; font-size: 10pt; text-align: right">103.73</TD><TD STYLE="padding-right: 3pt; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; width: 12%; font-size: 10pt; text-align: right">124.01</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">Series 6 Liquidation Preference</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">59.98</TD><TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: right">74.58</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 10pt; text-align: right">163.71</TD><TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; font-size: 10pt; text-align: right">198.58</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left"><B><U>With Abatement</U></B></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">Series 4 Liquidation Preference</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 10pt; text-align: right">103.73</TD><TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; font-size: 10pt; text-align: right">115.13</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">Series 6 Liquidation Preference</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">59.98</TD><TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: right">68.90</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 10pt; text-align: right">163.71</TD><TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; font-size: 10pt; text-align: right">184.02</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; text-align: left">Difference in Totals (Lost Accretion)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; font-size: 10pt; text-align: right">0.00</TD><TD STYLE="padding-right: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-right: Black 1pt solid; font-size: 10pt; text-align: right">14.56</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">/ Strike Price</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: right">$5.00</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><B>Share Impact of Abatement</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt; text-align: right"><B>2.91</B></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The accretion benefit is 2.9 million shares over
the next few years and provides an additional benefit to the equity split in favor of existing MDC shareholders of approximately 0.3%.
<B>Together with the give up of 20 million shares, this brings MDC&rsquo;s equity split to approximately 30%.</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Net Debt Adjustment Given Seasonality</U></B>. Given the well-known
seasonal and transitory cash flows that affect advertising businesses such as Stagwell and MDC Partners (and with this closing time generally
being the low point of the cash cycle after employee bonuses, taxes and interest payments), Stagwell will also request as part of this
package to raise the closing net debt threshold $25 million to $285 million from $260 million. In addition to these seasonal trends, Stagwell&rsquo;s
pass-thru media float has been reduced by several clients switching in the last month to direct payment to Google; such changes affect
pass-thru float but not fees or overall relationships.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that the impact of the sum of these
changes is an <B>obvious and material improvement</B> for MDC shareholders and hope that the prospect of these possible changes will enable
this deal to close successfully and on time. I have no authority to offer anything beyond this potential shift and Stagwell has no intention
under any circumstances to provide any additional time for the closing and will hold the Committee to its prompt meeting requirements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STAGWELL MEDIA, LP</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 32%">&nbsp;&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Mark Penn</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Partner</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>tm2118872d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 115px; width: 444px"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FOR:</B></FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">MDC Partners Inc.</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTACT:</B></FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Michaela Pewarski</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">One World Trade Center, FL. 65</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">MDC Partners</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">New York, NY 10007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">646 429 1812</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Blue"><U>mpewarski@MDC-Partners.com</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>MDC Partners (MDCA)
Announces Stagwell Media&rsquo;s Intended Designees to Board of Directors Including Two New Independent Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><I>Company Also Enhances
Minority Shareholder Protections </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>New York, NY, June 7, 2021 (NASDAQ: MDCA)&nbsp;&ndash;&nbsp;</B><FONT STYLE="font-family: Times New Roman, Times, Serif">MDC
Partners Inc. (&ldquo;MDC Partners&rdquo; or the &ldquo;Company&rdquo;) announced today that it has received notice from Stagwell Media
LP (&ldquo;Stagwell&rdquo;) providing its intended designees to the Board of Directors upon the closing of the combination transaction
between MDC and Stagwell (the &ldquo;Transaction&rdquo;). It also announced that it has entered into an amendment to its transaction agreement
(the &ldquo;Transaction Agreement&rdquo;) with Stagwell which provides increased protection to MDC minority shareholders, including a
requirement that the Board of Directors of the combined company be majority independent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Stagwell has designated Paul Richardson, former
CFO and Member of the Board of Directors of WPP, and Rodney Slater, former U.S. Secretary of Transportation, to serve as independent directors
of MDC upon the consummation of the Transaction. In addition, Brandt Vaughan, Chief Operating Officer and Chief Investment Officer of
the Ballmer Group will be designated to serve on the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Ambassador Charlene Barshefsky, who was initially
nominated by Stagwell in April 2019 and already serves on the Board as an independent director, will continue to serve on the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Irwin Simon, Presiding Director of MDC Partners
and Chair of the Special Committee of MDC Partners&rsquo; Board of Directors commented, &ldquo;Both Paul and Rodney are proven, high-caliber
leaders with deep experience and extremely relevant, but diverse, perspectives that will serve us well as we accelerate our global growth
strategy. The addition of Brandt along with Charlene&rsquo;s continued participation on the Board further demonstrate the important role
this Board will play guiding strategy, ensuring accountability and focusing management on delivering strong financial and operating results.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As previously announced, pursuant to the Transaction
Agreement, the Board of Directors of the combined company will consist of nine members, including Mark Penn and Bradley Gross. Three independent
directors on the Board, to be announced by MDC in the coming weeks, will continue as directors of the combined company, and the combined
company will cause those continuing directors to be nominated for election at the company&rsquo;s next two annual meetings. In addition
to Mr. Penn continuing as a director, Stagwell will be entitled to designate four directors to serve on the Board (two of which are required
to be independent) as described above. Goldman Sachs will also continue to be entitled to designate one director to serve on the Board,
and has currently designated Mr. Gross.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">About Stagwell&rsquo;s new Board of Directors
designees:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Paul Richardson</B> brings 27 years of exceptional experience in advertising
and marketing having served as a Board Member, CFO and Director of Treasury for WPP Group. In his role, he was responsible for the Group&rsquo;s
worldwide functions in finance, information technology, procurement, property, treasury, taxation, internal audit and corporate responsibility.
He is a chartered accountant and fellow of the Association of Corporate Treasurers. He has significant Board experience having served
a non-executive director of CEVA Group plc, Chime Communications PLC and STW Communications Group Limited in Australia, the last two being
companies associated with WPP Group.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Secretary Rodney Slater</B> is currently a Partner with Squire Patton
Boggs, one of the nation&rsquo;s leading law firms. As U.S. Secretary of Transportation under President Bill Clinton, Secretary Slater
passed several historic legislative initiatives over his tenure. Under his leadership, the federal transportation budget doubled and in
the department&rsquo;s &quot;best in government&quot; strategic and performance plans, the scope and definition of transportation was
expanded to include a focus on safety, mobility and access, economic development and trade, the environment and national security. Secretary
Slater is one of the leaders of Squire Patton Boggs practice in Corporate Compliance Advice, ensuring best-business practices for various
companies. He is chairman of the Board of Directors of the Squire Patton Boggs Foundation, which promotes the role of public service and
pro bono work in the practice of law and the development of public policy. Additionally, Secretary Slater is a founding partner of the
Washington DC Nationals Baseball team and Chair Emeritus of the Washington DC Nationals Youth Baseball Academy. He is also an NCAA Silver
Anniversary Recipient (2002) for football.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Brandt Ashley Vaughan</B> is Chief Operating Officer and Chief Investment
Officer of Ballmer Group, where he manages its operating, public and private equity investing and philanthropic activities across a range
of assets including the Los Angeles Clippers and LA Forum. Prior to joining Ballmer Group in 2014, he led enterprise-wide strategic planning
and analysis for Microsoft. In addition, he served as Chief Financial Officer for Microsoft&rsquo;s centralized marketing and business
development functions and had a range of financial management roles over a more than decade-long career at Microsoft. He is on the Board
of Directors for One Community, Second Spectrum and the L.A. Clippers Foundation.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">MDC Partners also announced that, based on
input from shareholders and in anticipation of becoming a controlled company following the completion of the Transaction, the Company
and Stagwell have agreed to amend certain governance provisions of the Transaction Agreement. These amendments further ensure that the
combined company&rsquo;s minority shareholders will have meaningful representation, and that independent directors will have a significant
voice, on the Board of Directors.:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>The Board of Directors will have a majority of independent directors (as defined under applicable NASDAQ and SEC rules);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>The membership of the Audit Committee, Compensation Committee and Nominating &amp; Governance Committee will be comprised entirely
of independent directors; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>Any director who receives more &ldquo;withhold&rdquo; votes than &ldquo;for&rdquo; votes from the minority shareholders (i.e. shareholders
other than Stagwell and its affiliates) must tender his or her resignation to the Board of Directors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Mr. Simon added, &ldquo;These governance-related
amendments are another important step as we work to complete this transaction that has and, we believe, will continue to create value
for all MDC shareholders. We&rsquo;ve listened to our shareholders and made changes that reflect our commitment to strong governance,
respect for minority shareholders and director independence.&rdquo;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About MDC Partners Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">MDC Partners is one of the most influential
marketing and communications networks in the world. As &ldquo;The Place Where Great Talent Lives,&rdquo; MDC Partners is celebrated for
its innovative advertising, public relations, branding, digital, social and event marketing agency partners, which are responsible for
some of the most memorable and effective campaigns for the world&rsquo;s most respected brands. By leveraging technology, data analytics,
insights and strategic consulting solutions, MDC Partners drives creative excellence, business growth and measurable return on marketing
investment for over 1,700 clients worldwide. For more information about MDC Partners and its partner firms, visit our website at&nbsp;<FONT STYLE="color: #FF9000">mdc-partners.com</FONT>,
sign up for <FONT STYLE="color: #ED7D31">investor-related updates and alerts</FONT>, and follow us on <FONT STYLE="color: #ED7D31">LinkedIn</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary Statement Regarding Forward-Looking Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication may contain certain forward-looking statements (collectively,
 &ldquo;forward-looking statements&rdquo;) within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section
21E of the U.S. Exchange Act and the United States Private Securities Litigation Reform Act of 1995, as amended, and &ldquo;forward-looking
information&rdquo; under applicable Canadian securities laws. Statements in this document that are not historical facts, including statements
about MDC&rsquo;s or Stagwell&rsquo;s beliefs and expectations and recent business and economic trends, constitute forward-looking statements.
Words such as &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;target,&rdquo; &ldquo;predict,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;anticipate,&rdquo; &ldquo;potential,&rdquo; &ldquo;create,&rdquo; &ldquo;intend,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo;
 &ldquo;would,&rdquo; &ldquo;may,&rdquo; &ldquo;foresee,&rdquo; &ldquo;plan,&rdquo; &ldquo;will,&rdquo; &ldquo;guidance,&rdquo; &ldquo;look,&rdquo;
 &ldquo;outlook,&rdquo; &ldquo;future,&rdquo; &ldquo;assume,&rdquo; &ldquo;forecast,&rdquo; &ldquo;focus,&rdquo; &ldquo;continue,&rdquo;
or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current
plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section. Such forward-looking
statements may include, but are not limited to, statements related to: future financial performance and the future prospects of the respective
businesses and operations of MDC, Stagwell and the combined company; information concerning the Transaction; the anticipated benefits
of the Transaction; the likelihood of the Transaction being completed; the anticipated outcome of the Transaction; the tax impact of the
Transaction on MDC and shareholders of MDC; the timing of the shareholder meeting to approve the Transaction (the &ldquo;Special Meeting&rdquo;);
the shareholder approvals required for the Transaction; regulatory and stock exchange approval of the Transaction; and the timing of the
implementation of the Transaction. A number of important factors could cause actual results to differ materially from those contained
in any forward-looking statement, including the risks identified in our filings with the Securities Exchange Commission (the &ldquo;SEC&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These forward-looking statements are subject to various risks and uncertainties,
many of which are outside MDC&rsquo;s control. Important factors that could cause actual results and expectations to differ materially
from those indicated by such forward-looking statements include, without limitation, the risks and uncertainties set forth under the section
entitled &ldquo;Risk Factors&rdquo; in the registration statement on Form S-4 filed on February 8, 2021, and as amended on March 29, 2021,
April 21, 2021 and April 30, 2021 (the &ldquo;Form S-4&rdquo;), under the section entitled &ldquo;Risk Factors&rdquo; in the proxy statement/prospectus
on Form 424B3 filed on May 10, 2021 (together with the Form S-4, the &ldquo;Proxy Statement/Prospectus&rdquo;), under the caption &ldquo;Risk
Factors&rdquo; in MDC&rsquo;s Annual Report on Form 10-K for the year-ended December 31, 2020 under Item 1A and under the caption &ldquo;Risk
Factors&rdquo; in MDC&rsquo;s Quarterly Report on Form 10-Q for the quarter-ended March 31, 2021 under Item 1A. These and other risk factors
include, but are not limited to, the following:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>an inability to realize expected benefits of the Transaction or the occurrence of difficulties in connection with the Transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>adverse tax consequences in connection with the Transaction for MDC, its operations and its shareholders, that may differ from the
expectations of MDC or Stagwell, including that future changes in tax law, potential increases to corporate tax rates in the United States
and disagreements with the tax authorities on MDC&rsquo;s determination of value and computations of its tax attributes may result in
increased tax costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the occurrence of material Canadian federal income tax (including material &ldquo;emigration tax&rdquo;) as a result of the Transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the impact of uncertainty associated with the Transaction on MDC&rsquo;s and Stagwell&rsquo;s respective businesses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>direct or indirect costs associated with the Transaction, which could be greater than expected;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the risk that a condition to completion of the Transaction may not be satisfied and the Transaction may not be completed; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>the risk of parties challenging the Transaction or the impact of the Transaction on MDC&rsquo;s debt arrangements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You can obtain copies of MDC&rsquo;s filings under its profile on SEDAR
at www.sedar.com, its profile on the SEC&rsquo;s website at www.sec.gov or its website at www.mdc-partners.com. MDC does not undertake
any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as expressly
required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Transaction, MDC and New MDC filed with the
SEC the Proxy Statement/Prospectus. This communication is not a substitute for the Proxy Statement/Prospectus or any other document MDC
may file with the SEC in connection with the Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INVESTORS AND SECURITYHOLDERS OF MDC ARE URGED TO READ CAREFULLY THE
PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION IN ITS ENTIRETY (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY DOCUMENTS
WHICH ARE INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.
You may obtain, free of charge, copies of the Proxy Statement/Prospectus and other relevant documents filed by MDC or New MDC with the
SEC, at the SEC&rsquo;s website at www.sec.gov. In addition, investors and securityholders are able to obtain free copies of the Proxy
Statement/Prospectus and other relevant documents filed by MDC or New MDC with the SEC and from MDC&rsquo;s website at http://www.mdc-partners.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The URLs in this announcement are intended to be inactive textual references
only. They are not intended to be active hyperlinks to websites. The information on such websites, even if it might be accessible through
a hyperlink resulting from the URLs or referenced herein, is not and shall not be deemed to be incorporated into this announcement. No
assurance or representation is given as to the suitability or reliability for any purpose whatsoever of any information on such websites.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Offer or Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not constitute an offer to buy or exchange,
or the solicitation of an offer to sell or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in
which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This communication is not a substitute for any prospectus, proxy statement or any other document that MDC or New MDC may file with the
SEC in connection with the Transaction. No money, securities or other consideration is being solicited, and, if sent in response to the
information contained herein, will not be accepted.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offering of securities shall be made except by means of a prospectus
meeting the requirements of the U.S. Securities Act of 1933, as amended. The Transaction and distribution of this document may be restricted
by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves
about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction. No offering of securities will be made directly or indirectly, in or into any jurisdiction where to do so would
be inconsistent with the laws of such jurisdiction.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MDC, New MDC and their respective directors and executive officers
and other members of management and employees, may be deemed to be participants in the solicitation of proxies from MDC&rsquo;s shareholders
with respect to the approvals required to complete the Transaction. More detailed information regarding the identity of these potential
participants, and any direct or indirect interests they may have in the Transaction, by security holdings or otherwise, is set forth in
the Proxy Statement/Prospectus filed with the SEC. Information regarding MDC&rsquo;s directors and executive officers is set forth in
the definitive proxy statement on Schedule 14A filed by MDC with the SEC on May 10, 2021, in the Annual Report on Form 10-K filed by MDC
with the SEC on March 16, 2021, as amended on April 27, 2021 and in the Quarterly Report on Form 10-Q filed by MDC with the SEC on May
10, 2021. Additional information regarding the interests of participants in the solicitation of proxies in respect of the Special Meeting
is included in the Proxy Statement/Prospectus filed with the SEC. These documents are available to the shareholders of MDC free of charge
from the SEC&rsquo;s website at www.sec.gov and from MDC&rsquo;s website at www.mdc-partners.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You must not construe the contents of this document as legal, tax,
regulatory, financial, accounting or other advice, and you are urged to consult with your own advisors with respect to legal, tax, regulatory,
financial, accounting and other consequences of the Transaction, the suitability of the Transaction for you and other relevant matters
concerning the Transaction<B>.</B></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>mdca-20210604_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140007690778424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jun. 04, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun.  04,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13718<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">MDC PARTNERS INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000876883<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0364441<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">Z4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One
World Trade Center<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Floor 65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New
York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10007<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">646<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">429-1800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Subordinate Voting Shares, no par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MDCA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
