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Indaba Capital Expresses Disappointment Over Mark Penn’s Apparent Unwillingness to Engage in Good Faith with MDC Shareholders Regarding Stagwell Merger

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SAN FRANCISCO–(BUSINESS WIRE)–Indaba Capital Management L.P. (together with its affiliates, “Indaba” or “we”), which is the largest independent shareholder of MDC Partners Inc. (NASDAQ: MDCA) (“MDC” or the “Company”), today issued the below open letter to Chairman and Chief Executive Officer Mark Penn following several unsuccessful attempts to open up a productive, private dialogue regarding the prospective merger with Stagwell Media LP (“Stagwell”). *** June 28, 2021 MDC Partners Inc. Attn:

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