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News of May 08, 2002

Magna announces redemption of 4.875% convertible debentures due 2005

AURORA, ON - Magna International Inc. announced that it intends to redeem on June 6, 2002 all of the outstanding 4.875% Convertible Debentures due 2005. The Debentures are convertible into Class A Subordinate Voting Shares at a conversion price of U.S. $74.27 and Debenture holders may continue to convert Debentures until the close of business on June 5, 2002. Any Debentures outstanding on June 6, 2002 will be redeemed at a redemption price, inclusive of accrued and unpaid interest, of U.S. $1,015.0313 per U.S. $1,000.00 principal amount of Debentures, such amount to be paid by Magna issuing 13.6477 Class A Subordinate Voting shares for each U.S. $1,000.00 principal amount of Debentures outstanding including accrued and unpaid interest thereon to June 5, 2002. Approximately U.S. $480 million principal amount of Debentures remain outstanding.

Magna, one of the most diversified automotive suppliers in the world, designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Mexico, South America and Asia. Magna's products include: interior products, including complete seats, instrument and door panel systems and sound insulation, and closure systems through Intier Automotive Inc.; stamped, hydroformed and welded metal parts and assemblies through Cosma International; exterior and interior mirror systems through Magna Mirror Systems; a variety of plastic parts and exterior decorative systems including body panels and fascias through Decoma International Inc.; various engine, powertrain and fueling and cooling components through Tesma International Inc.; and a variety of drivetrain components and complete vehicle engineering and assembly through Magna Steyr. Magna's non-automotive activities are conducted through Magna Entertainment Corp.

Magna has approximately 67,000 employees in 173 manufacturing operations and 43 product development and engineering centres in 19 countries.

(May 2, 2002)

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