Greenlight to Hold MI Developments Shareholder Call Today

NEW YORK, April 20 -- As previously announced, Greenlight Capital, Inc. will hold a conference call today at 2:00pm EDT to discuss its proposals regarding MI Developments Inc. (TSX: MIM.SV.A, MIM.MV.B; NYSE: MIM) sale or spin off of its investment in Magna Entertainment Corp. and the conversion of MID into an income-oriented real estate vehicle. Dial-in and replay details are below.

   Information on the Greenlight Conference Call:

   When:        Wednesday, April 20 at 2:00pm EDT

   Dial-in:     888-802-8577 (U.S. & Canada)
                973-935-2981 (International)

   Webcast:     http://calleci.econfcall.net/pub_cs_activelist.jsp

Replay of the conference call will be available through May 4, 2005 and can be accessed by dialing 877-519-4471 (U.S. & Canada), 973-341-3080 (International), with the PIN number 5963749 or by visiting the Web site http://calleci.econfcall.net/pub_cs_activelist.jsp .