Sec Form 4 Filing - GOLDMAN SACHS GROUP INC @ Stagwell Inc - 2020-06-16

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person GOLDMAN SACHS GROUP INC 2. Issuer Name and Ticker or Trading Symbol Stagwell Inc [ MDC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 200 WEST STREET 3. Date of Earliest Transaction (MM/DD/YY) 06/16/2020 (Street) NEW YORK, NY10282 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Subordinate Voting Shares ( 1 ) ( 2 ) ( 3 ) 06/16/2020 P 8,887 A $ 1.4075 16,523 ( 4 ) ( 5 ) I See Footnotes ( 4 ) ( 5 ) Class A Subordinate Voting Shares ( 1 ) ( 2 ) ( 3 ) 06/16/2020 S 8,887 D $ 1.4075 7,636 ( 4 ) ( 5 ) I See Footnotes ( 4 ) ( 5 ) Class A Subordinate Voting Shares ( 1 ) ( 2 ) ( 3 ) 06/17/2020 P 18,260 A $ 1.3626 25,899 ( 4 ) ( 5 ) I See Footnotes ( 4 ) ( 5 ) Class A Subordinate Voting Shares ( 1 ) ( 2 ) ( 3 ) 06/17/2020 S 18,260 D $ 1.3626 7,639 ( 4 ) ( 5 ) I See Footnotes ( 4 ) ( 5 ) Class A Subordinate Voting Shares ( 1 ) ( 2 ) ( 3 ) 07/07/2020 P 4,613 A $ 2.0589 12,316 ( 4 ) ( 5 ) I See Footnotes ( 4 ) ( 5 ) Class A Subordinate Voting Shares ( 1 ) ( 2 ) ( 3 ) 07/07/2020 S 4,613 D $ 2.0589 7,703 ( 4 ) ( 5 ) I See Footnotes ( 4 ) ( 5 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GOLDMAN SACHS GROUP INC 200 WEST STREET NEW YORK, NY10282 X GOLDMAN SACHS & CO. LLC 200 WEST STREET NEW YORK, NY10282 X Broad Street Principal Investments, L.L.C. 200 WEST STREET NEW YORK, NY10282 X StoneBridge 2017, L.P. 200 WEST STREET NEW YORK, NY10282-2198 X StoneBridge 2017 Offshore, L.P. 200 WEST STREET NEW YORK, NY10282 X Bridge Street Opportunity Advisors, L.L.C. 200 WEST STREET NEW YORK, NY10282 X Signatures /s/ Jamison Yardley, Attorney-in-fact 08/03/2021 Signature of Reporting Person Date /s/ Jamison Yardley, Attorney-in-fact 08/03/2021 Signature of Reporting Person Date /s/ Jamison Yardley, Attorney-in-fact 08/03/2021 Signature of Reporting Person Date /s/ Jamison Yardley, Attorney-in-fact 08/03/2021 Signature of Reporting Person Date /s/ Jamison Yardley, Attorney-in-fact 08/03/2021 Signature of Reporting Person Date /s/ Jamison Yardley, Attorney-in-fact 08/03/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )These transactions in the Class A Subordinate Voting Shares (the "Class A Shares") of MDC Partners Inc. (the "Issuer") have not previously been reported on Form 4 and were effected by Goldman Sachs & Co. LLC ("Goldman Sachs") acting as agent on behalf of certain international affiliates that had entered into riskless principal trades in connection with client trade facilitation in the ordinary course of their business. ( 2 )Without conceding riskless principal trades in connection with client trade facilitation in the ordinary course of business can result in liability under Section 16(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that they were subject to Section 16(b) will be remitted to the Issuer. ( 3 )This statement is being filed by The Goldman Sachs Group, Inc. ("GS Group"), Goldman Sachs, Broad Street Principal Investments, L.L.C. ("BSPI"), StoneBridge 2017, L.P. ("StoneBridge 2017"), StoneBridge 2017 Offshore, L.P. ("StoneBridge 2017 Offshore", together with "StoneBridge 2017", the "GS Funds") and Bridge Street Opportunity Advisors, L.L.C ("Bridge Street"). Goldman Sachs is a subsidiary of GS Group. Goldman Sachs is the direct manager and owner of BSPI and Bridge Street and the investment manager of the GS Funds. Bridge Street is the general partner of the GS Funds. ( 4 )Goldman Sachs and GS Group may be deemed to beneficially own 7,703 Class A Shares acquired by Goldman Sachs or another wholly-owned broker or dealer subsidiary of GS Group in ordinary course trading activities. ( 5 )Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Exchange Act, or for any other purpose.

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