Magna announces filing of Intier Automotive preliminary prospectus

    AURORA, ON, July 6 - Magna International Inc.
today announced that its Intier Automotive Inc. ("Intier")
subsidiary has filed a preliminary prospectus with the securities regulators
in the Provinces of Canada and a registration statement with the Securities
and Exchange Commission in the United States, for an initial public offering
of Cdn $100 million of Class A Subordinate Voting Shares of Intier. The net
proceeds of the offering will be retained by Intier. Magna will retain voting
control of Intier.
    Magna previously announced on February 21, 2001 that its Board of
Directors had approved the creation of Intier (then described as Magna
Interiors) as a global operating group with the intention of taking Intier
public when market conditions permitted and subject to regulatory approvals.
    The issue is being underwritten in Canada and in the United States by a
syndicate led by BMO Nesbitt Burns Inc. and Credit Suisse First Boston
Securities Canada Inc. Offers of shares may be made in the United States by
registered broker-dealers. The offering will be made by means of a prospectus
only.
    Existing employees of Intier and Magna shareholders will have a priority
period up to July 25, 2001 within which to indicate their interest in
subscribing for the offered shares.
    Intier is a global full-service supplier of automotive interior and
closure components, systems and modules. Through its Interiors and Closures
groups, it supplies most of the major automobile manufacturers in the world
and employs approximately 20,000 people at 62 manufacturing facilities, 17
product development, engineering and testing centres and 13 sales offices in
North America, Europe, Brazil and China.
    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, closure
systems and sound insulation, through Intier Automotive Inc.; stamped,
hydroformed and welded metal parts and assemblies through Cosma International;
external and internal mirror systems and related components 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
operations are conducted through Magna Entertainment Corp.
    Magna has over 63,000 employees in 166 manufacturing operations and 31
product development and engineering centres in 18 countries.

    A registration statement and/or prospectus relating to the issue of the
Intier Class A Shares has been filed with the regulatory authorities referred
to above but has not yet become effective. These securities may not be sold
nor may offers to buy be accepted prior to the time the registration statement
becomes effective. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. Copies of the preliminary prospectus may be obtained
from BMO Nesbitt Burns Inc. at First Canadian Place, Floor B2, Toronto,
Ontario (416) 359-4001 or from Credit Suisse First Boston Securities Canada
Inc. at Suite 3000, First Canadian Place, Toronto, Ontario (416) 352-4500.