<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>nov5_20003press.txt
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 5, 2003
<TEXT>
(Magna Logo)						Exhibit 99

								Magna International Inc.
								337 Magna Drive
								Aurora, Ontario L4G 7K1
								Tel   (905)  726-2462
								Fax  (905)  726-7164

Press Release

Magna announces third quarter and year to date results

November 5, 2003, Aurora, Ontario Canada......Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) today reported sales, profits and earnings per share for
The third quarter and nine-month period ended September 30, 2003.


    -------------------------------------------------------------------------
                                     THREE MONTHS ENDED   NINE MONTHS ENDED
                                     ------------------   ------------------
                                     Sept 30,  Sept 30,    Sept 30,  Sept 30,
                                        2003      2002        2003      2002
                                     --------  --------    --------  --------

    Sales                            $ 3,566   $ 2,962    $ 10,722   $ 8,979

    Net income (1)                   $    48   $   132    $    384   $   444
    Net income from continuing
     operations(1),(2)               $   122   $   138    $    451   $   446
    Net income from operations(3)    $   122   $   117    $    458   $   440

    Diluted earnings per share (1)   $  0.44   $  1.40    $   3.84   $  4.74
    Diluted earnings per share from
     continuing operations (1) ,(2)  $  1.21   $  1.46    $   4.54   $  4.76
    Diluted earnings per share
     from operations (3)             $  1.22   $  1.24    $   4.62   $  4.69

    -------------------------------------------------------------------------

    (1) Net income, net income from continuing operations, diluted earnings
        per share and diluted earnings per share from continuing operations
        have been prepared in accordance with Canadian Generally Accepted
        Accounting Principles ("Canadian GAAP").

    (2) Net income from continuing operations and diluted earnings per share
        from continuing operations reflect the disclosure of Magna
        Entertainment Corp. ("MEC") as discontinued operations until
        August 29, 2003. On September 2, 2003, the Company distributed 100%
        of the Class A Subordinate Voting and Class B Shares of
        MI Developments Inc. ("MID") to the Company's shareholders of record
        as of August 29, 2003.

    (3) The Company measures and presents net income from operations and
        diluted earnings per share from operations because they are measures
        that are widely used by analysts and investors in evaluating the
        operating performance of the Company. However, net income from
        operations and diluted earnings per share from operations do not have
        any standardized meaning under Canadian GAAP and are therefore
        unlikely to be comparable to similar measures presented by other
        companies.

        Net income from operations for the nine months and three months ended
        September 30, 2003 is based on net income but excludes non-cash
        impairment losses of $68 million related to MEC and $6 million
        related to certain real estate properties of MID, associated with the
        distribution of shares of MID on September 2, 2003. Diluted earnings
        per share from operations for the nine months and three months ended
        September 30, 2003 are based on diluted earnings per share but
        exclude the non-cash impairment losses described above.

        Net income from operations for the nine months ended September 30,
        2002 is based on net income but excludes ownership dilution gains and
        losses from public subsidiary share issuances totaling a net gain of
        $4 million. Diluted earnings per share from operations for the nine
        months ended September 30, 2002 are based on diluted earnings per
        share, but exclude the ownership dilution gains and losses described
        above and an $11 million charge to retained earnings related to
        foreign exchange on the redemption of the 4.875% Convertible
        Subordinated Debentures.

        Net income from operations for the three months ended September 30,
        2002 is based on net income but excludes ownership dilution gains
        from public subsidiary share issuances totaling $15 million. Diluted
        earnings per share from operations for the three months ended
        September 30, 2002 are based on diluted earnings per share, but
        exclude the ownership dilution gains described above.

        For more information see notes 2, 3, 4 and 5 to the Third Quarter
        Consolidated Financial Statements attached.

        See Appendix A for pro forma consolidated statements of income which
        are presented assuming that the MID distribution had been completed
        as of December 31, 2001.

    -------------------------------------------------------------------------
            All results are reported in millions of U.S. dollars,
                          except per share figures.
    -------------------------------------------------------------------------


    THREE MONTHS ENDED SEPTEMBER 30, 2003
    -------------------------------------

    The Company posted sales of $3.6 billion for the third quarter ended
September 30, 2003, an increase of 20% over the third quarter of 2002. The
higher sales level in the third quarter of 2003 reflects increases of 22% in
North American content per vehicle and 42% in European content per vehicle
over the comparable quarter in 2002. The increase in content per vehicle in
North America was largely attributable to new product launches, the
strengthening of the Canadian dollar against the U.S. dollar and acquisitions
completed subsequent to the third quarter of 2002. The increase in content
per vehicle in Europe was largely attributable to new product launches, the
strengthening of the euro and British pound against the U.S. dollar and
acquisitions completed subsequent to the third quarter of 2002. During the
third quarter of 2003, North American vehicle production declined
approximately 5% and European vehicle production increased approximately 2%
from the comparable quarter.
    The Company earned net income from operations for the third quarter ended
September 30, 2003 of $122 million, representing an increase over the
comparable quarter of 4% or $5 million. Net income and net income from
continuing operations for the third quarter ended September 30, 2003 were
$48 million and $122 million, respectively.
    Diluted earnings per share from operations were $1.22 for the third
quarter ended September 30, 2003, compared to $1.24 for the quarter ended
September 30, 2002. Diluted earnings per share from operations for the third
quarter of 2003 reflects an increase in net income offset by a higher average
number of diluted shares outstanding substantially due to the Donnelly
acquisition, which added approximately 5.2 million shares in the fourth
quarter of 2002. Diluted earnings per share and diluted earnings per share
from continuing operations for the third quarter ended September 30, 2003
were $0.44 and $1.21, respectively.
    The Company generated cash from operations before changes in non-cash
working capital of $310 million and invested $391 million in non-cash working
capital in the third quarter of 2003. The investment in non-cash working
capital was primarily attributable to new program launches and the delayed
timing of cash receipts to the fourth quarter of 2003. Total investment
activities for the third quarter of 2003 were $249 million, including
$188 million in fixed asset additions, $8 million to purchase subsidiaries,
and a $53 million increase in other assets.
    Belinda Stronach, Magna's President and Chief Executive Officer stated:
"We reported strong third quarter results, despite lower vehicle production
in North America and costs to support the heavy program launch activity
ongoing in both North America and Europe. We continue to focus on the
execution of successful launches, including the all-new BMW X3 currently
underway at Magna Steyr."


    NINE MONTHS ENDED SEPTEMBER 30, 2003
    ------------------------------------

    Sales for the nine months ended September 30, 2003 were $10.7 billion, an
increase of 19% over the nine months ended September 30, 2002. The higher
sales level for the first nine months of 2003 reflects increases of 20% in
North American content per vehicle and 36% in European content per vehicle
over the first nine months of 2002. During the first nine months of 2003,
North American vehicle production declined approximately 4% and European
vehicle production increased approximately 1% from the comparable period.
    The Company earned net income from operations for the nine months ended
September 30, 2003 of $458 million, representing an increase over the nine
months ended September 30, 2002 of 4% or $18 million. Net income and net
income from continuing operations for the nine months ended September 30,
2003 were $384 million and $451 million, respectively.
    Diluted earnings per share from operations were $4.62 for the nine months
ended September 30, 2003, compared to $4.69 for the nine months ended
September 30, 2002. Diluted earnings per share and diluted earnings per share
from continuing operations for the nine months ended September 30, 2003 were
$3.84 and $4.54, respectively.
    During the nine months ended September 30, 2003, the Company generated
cash from operations before changes in non-cash working capital of
$961 million and invested $620 million in non-cash working capital. Total
investment activities for the first nine months of 2003 were $624 million,
including $499 million in fixed asset additions, $8 million to purchase
subsidiaries, and a $117 million increase in other assets.


    OTHER MATTERS
    -------------

    The Company also announced that its Board of Directors today declared its
regular quarterly dividend with respect to its outstanding Class A Subordinate
Voting Shares and Class B Shares in respect of the fiscal quarter ended
September 30, 2003. The dividend of U.S. $0.34 per share is payable on
December 15, 2003 to shareholders of record on November 28, 2003.


    2003 OUTLOOK
    ------------

    For the fourth quarter of 2003, the Company expects average dollar
content per vehicle to range between $560 and $575 in North America and
between $390 and $410 in Europe. In addition, the Company has assumed that
fourth quarter 2003 vehicle production volumes will be approximately
3.9 million units in North America and 3.7 million units in Europe. Based on
expected average dollar content per vehicle in North America and Europe,
current exchange rates, the above volume assumptions and anticipated tooling
and other automotive sales, Magna expects its automotive sales for the fourth
quarter of 2003 to be between $4.0 billion and $4.2 billion. The Company
expects diluted earnings per share from operations to be in the range of
$1.50 to $1.70, compared to pro forma diluted earnings per share from
operations, excluding impairment charges, for the fourth quarter of 2002 (as
disclosed in Appendix A) of $1.43.
    The Company expects full year 2003 average dollar content per vehicle to
range between $515 and $520 in North America and between $320 and $325 in
Europe. Further, the Company has assumed 2003 vehicle production volumes will
be approximately 15.9 million units in North America and approximately 16.0
million units in Europe. Based on expected average dollar content per vehicle
in North America and Europe, current exchange rates, the above volume
assumptions and anticipated tooling and other automotive sales, Magna expects
its automotive sales for the full year 2003 to range from $14.6 billion to
$14.9 billion, compared to 2002 automotive sales of $12.4 billion, and
diluted earnings per share from operations for 2003 to be in the range of
$6.12 to $6.32. In addition, the Company expects that full year 2003 spending
for automotive fixed assets will be approximately $800 million, compared to
$791 million in 2002.
    The 2003 outlook above excludes the potential effects, if any, of the
Company's impairment review associated with the Canadian Institute of
Chartered Accountants ("CICA") Handbook Sections 3062 and 3063 related to
Goodwill and Other Intangible Assets and Impairment of Long-lived Assets,
respectively.
    Magna, the most diversified automotive supplier 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:
Automotive interior and closure components, systems and modules through
Intier Automotive Inc.; metal body systems, components, assemblies and
modules through Cosma International; exterior and interior mirror and
engineered glass systems through Magna Donnelly; fascias, front and rear end
modules, plastic body panels, exterior trim components and systems,
greenhouse and sealing systems, roof modules and lighting components through
Decoma International Inc.; various engine, transmission and fueling systems
and components through Tesma International Inc.; and a variety of drivetrain
components and complete vehicle engineering and assembly through Magna Steyr.
    Magna has approximately 72,000 employees in 201 manufacturing operations
and 48 product development and engineering centres in 22 countries.

    -------------------------------------------------------------------------
    Magna will hold a conference call for interested analysts and
    shareholders to discuss the third quarter results and other developments
    on Thursday, November 6, 2003 at 9:00 a.m. EST. The number to use for
    this call is 1 800 840-6238. The number for overseas callers is
    1 416 641-6684. Please call in 10 minutes prior to the conference call.
    Magna will also webcast the conference call at www.magna.com. The
    conference call will be chaired by Belinda Stronach, President and Chief
    Executive Officer.

    For further information, please contact Vincent Galifi or Louis Tonelli
    at (905) 726-7100.
    For teleconferencing questions, please call (905) 726-7103.
    -------------------------------------------------------------------------

    This press release may contain "forward-looking statements" within the
meaning of applicable securities legislation. Such statements involve certain
risks, assumptions and uncertainties, which may cause the Company's actual
future results and performance to be materially different from those
expressed or implied in these statements. These risks, assumptions and
uncertainties include, but are not limited to: global economic conditions
causing decreases in production volumes; price reduction pressures; pressure
to absorb certain fixed costs; increased warranty, recall and product
liability risk; the impact of financially distressed sub-suppliers;
dependence on outsourcing by automobile manufacturers; rapid technological
and regulatory change; increased crude oil and energy prices; dependence on
certain vehicle programs; fluctuations in relative currency values;
unionization activity; threat of work stoppages; the competitive nature of
the auto parts supply market; program cancellations, delays in launching new
programs and delays in constructing new facilities; completion and
integration of acquisitions; disruptions caused by terrorism or war; changes
in governmental regulations; the impact of environmental regulations; and
other factors as set out in the Company's Annual information Form and annual
report on Form 40-F for its financial year ended December 31, 2002 filed with
the Canadian securities commissions and the SEC respectively and subsequent
public filings. The Company disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements to reflect
subsequent information, events or circumstances or otherwise.



    MAGNA INTERNATIONAL INC.
    CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
    (Unaudited)
    (United States dollars in millions, except per share figures)

                                   Three months ended     Nine months ended
                                      September 30,          September 30,
                             Note    2003       2002       2003       2002
    -------------------------------------------------------------------------
                                             (restated             (restated
                                              note 2)               note 2)

    Sales                          $  3,566   $  2,962   $ 10,722   $  8,979

    Cost of goods sold                2,981      2,476      8,865      7,407
    Depreciation and amortization       131        104        369        306
    Selling, general and
     administrative                     244        187        726        559
    Interest income, net                 (3)        (5)       (10)        (5)
    Equity income                        (3)        (6)       (10)       (17)
    -------------------------------------------------------------------------
    Operating income                    216        206        782        729
    Other income (loss)      2, 4        (6)        15         (6)        15
    -------------------------------------------------------------------------
    Income from continuing
     operations before
     income taxes and
     minority interest                  210        221        776        744
    Income taxes                         74         67        266        243
    Minority interest                    14         16         59         55
    -------------------------------------------------------------------------
    Net income from
     continuing operations              122        138        451        446
    Net loss from
     discontinued operations
     - MEC                      3       (74)        (6)       (67)        (2)
    -------------------------------------------------------------------------
    Net income                     $     48   $    132   $    384   $    444
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Financing charges on
     Preferred Securities and
     other paid-in capital         $     (5)  $     (5)  $    (15)  $    (21)
    Foreign exchange loss
     on the redemption of the
     4.875% Convertible
     Subordinated Debentures    7         -          -          -        (11)
    -------------------------------------------------------------------------
    Net income available to
     Class A Subordinate
     Voting and Class B
     Shareholders                        43        127        369        412
    Retained earnings,
     beginning of period              2,832      2,403      2,570      2,217
    Dividends on Class A
     Subordinate Voting and
     Class B Shares                     (32)       (31)       (96)       (88)
    Distribution of MID shares  2      (552)         -       (552)         -
    Adjustment for change in
     accounting policy related
     to goodwill                5         -          -          -        (42)
    Repurchase of Class A
     Subordinate Voting Shares  8         -         (1)         -         (1)
    -------------------------------------------------------------------------
    Retained earnings,
     end of period                 $  2,291   $  2,498   $  2,291   $  2,498
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Earnings per Class A
     Subordinate Voting or
     Class B Share from
     continuing operations:
      Basic                        $   1.22   $   1.48   $   4.56   $   4.79
      Diluted                      $   1.21   $   1.46   $   4.54   $   4.76
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Earnings per Class A
     Subordinate Voting or
     Class B Share:
      Basic                        $   0.45   $   1.41   $   3.86   $   4.77
      Diluted                      $   0.44   $   1.40   $   3.84   $   4.74
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Cash dividends paid per
     Class A Subordinate
     Voting or Class B Share       $   0.34   $   0.34   $   1.02   $   1.02
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Average number of Class A
     Subordinate Voting and
     Class B Shares outstanding
     during the period
     (in millions):
      Basic                            95.9       90.3       95.7       86.4
      Diluted                          96.5       90.7       96.1       90.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                           See accompanying notes



    MAGNA INTERNATIONAL INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (United States dollars in millions)

                                   Three months ended     Nine months ended
                                       September 30,        September 30,
                             Note     2003      2002       2003      2002
    -------------------------------------------------------------------------
                                             (restated             (restated
                                              note 2)               note 2)
    Cash provided from
     (used for):

    OPERATING ACTIVITIES
    Net income from
     continuing operations         $    122   $    138   $    451   $    446
    Items not involving
     current cash flows                 188        126        510        380
    -------------------------------------------------------------------------
                                        310        264        961        826
    Changes in non-cash
     working capital                   (391)      (145)      (620)        18
    Increase in deferred
     revenue                             12          -         14         69
    -------------------------------------------------------------------------
                                        (69)       119        355        913
    -------------------------------------------------------------------------
    INVESTMENT ACTIVITIES
    Fixed asset additions              (188)      (280)      (499)      (521)
    Purchase of subsidiaries             (8)         -         (8)        (3)
    Decrease (increase) in
     investments                          5          1          9         (2)
    Increase in other assets            (53)       (15)      (117)       (73)
    Proceeds from disposition
     of investments and other            15          6         25         15
    -------------------------------------------------------------------------
                                       (229)      (288)      (590)      (584)
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
    Net issues (repayments)
     of debt                            119         16        111        (78)
    Issues of subordinated
     debentures by
     subsidiaries               6         -          -         66          -
    Repayments of debentures'
     interest obligations                (1)        (1)        (4)       (13)
    Preferred Securities
     distributions                       (7)        (6)       (20)       (18)
    Issues of Class A
     Subordinate Voting
     Shares                              32          -         38         19
    Issues of shares by
     subsidiaries                         1         64         13         66
    Repurchase of Class A
     Subordinate Voting
     Shares                               -         (2)         -         (2)
    Dividends paid to
     minority interests                  (4)        (3)       (11)        (9)
    Dividends                   2       (51)       (29)      (115)       (86)
    -------------------------------------------------------------------------
                                         89         39         78       (121)
    -------------------------------------------------------------------------

    Effect of exchange rate
     changes on cash and
     cash equivalents                   (11)       (29)       103          -
    -------------------------------------------------------------------------

    Net increase (decrease)
     in cash and cash
     equivalents during
     the period                        (220)      (159)       (54)       208
    Cash and cash equivalents,
     beginning of period              1,287      1,199      1,121        832
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period                 $  1,067   $  1,040   $  1,067   $  1,040
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                           See accompanying notes



    MAGNA INTERNATIONAL INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (United States dollars in millions)

                                               September 30,    December 31,
                                     Note              2003            2002
    -------------------------------------------------------------------------
                                                                  (restated
                                                                   note 2)

    ASSETS
    Current assets
    Cash and cash equivalents                      $  1,067         $  1,121
    Accounts receivable                               2,784            2,094
    Inventories                                       1,099              916
    Prepaid expenses and other                          124               78
    Discontinued operations - MEC       3                 -              160
    -------------------------------------------------------------------------
                                                      5,074            4,369
    -------------------------------------------------------------------------
    Investments                                         130              114
    Fixed assets, net                                 2,984            3,663
    Goodwill, net                       5               489              466
    Future tax assets                                   162              164
    Other assets                                        312              270
    Discontinued operations - MEC       3                 -            1,096
    -------------------------------------------------------------------------
                                                   $  9,151         $ 10,142
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities
    Bank indebtedness                              $    319         $    223
    Accounts payable                                  2,241            1,954
    Accrued salaries and wages                          372              304
    Other accrued liabilities                           210              180
    Income taxes payable                                  3               67
    Long-term debt due within one year                   34               36
    Discontinued operations - MEC       3                 -              172
    -------------------------------------------------------------------------
                                                      3,179            2,936
    -------------------------------------------------------------------------
    Deferred revenue                                     78               86
    Long-term debt                                      247              248
    Debentures' interest obligation                      41               39
    Other long-term liabilities                         212              186
    Future tax liabilities                              190              159
    Minority interest                   6               586              410
    Discontinued operations - MEC       3                 -              657
    -------------------------------------------------------------------------
                                                      4,533            4,721
    -------------------------------------------------------------------------

    Shareholders' equity
    Capital stock                       8
      Class A Subordinate
       Voting Shares
       (issued: 95,229,304; December
       31, 2002 - 94,477,224)                         1,586            2,487
      Class B Shares
       (convertible into Class A
       Subordinate Voting Shares)
       (issued: 1,096,509)                                -                1
    Preferred Securities                                277              277
    Other paid-in capital                                67               64
    Retained earnings                                 2,291            2,570
    Currency translation adjustment                     397               22
    -------------------------------------------------------------------------
                                                      4,618            5,421
    -------------------------------------------------------------------------
                                                   $  9,151         $ 10,142
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                           See accompanying notes



    MAGNA INTERNATIONAL INC.
    NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)
    (All amounts in U.S. dollars and all tabular amounts in millions
     unless otherwise noted)
    -------------------------------------------------------------------------

    1.  BASIS OF PRESENTATION

        The unaudited interim consolidated financial statements have been
        prepared in U.S. dollars following the accounting policies as set out
        in the 2002 annual consolidated financial statements.

        The unaudited interim consolidated financial statements do not
        conform in all respects to the requirements of generally accepted
        accounting principles for annual financial statements. Accordingly,
        these unaudited interim consolidated financial statements should be
        read in conjunction with the 2002 annual consolidated financial
        statements.

        In the opinion of management, the unaudited interim consolidated
        financial statements reflect all adjustments, which consist only of
        normal and recurring adjustments, necessary to present fairly the
        financial position at September 30, 2003 and the results of
        operations and cash flows for the three-month and nine-month periods
        ended September 30, 2003 and 2002.


    2.  DISTRIBUTION OF MID SHARES

        (a)  On August 19, 2003, Magna shareholders approved the distribution
             to shareholders of 100% of the outstanding shares of
             MI Developments Inc. ("MID"), a wholly owned subsidiary of the
             Company. MID owns substantially all of Magna's automotive real
             estate and the Company's former controlling interest in Magna
             Entertainment Corp. ("MEC"). On September 2, 2003, the Company
             distributed 100% of MID's Class A Subordinate Voting and Class B
             Shares to shareholders of record as of August 29, 2003 and,
             accordingly, no longer has any ownership interest in MID and
             MEC.

             As required by recent amendments to The Canadian Institute of
             Chartered Accountants ("CICA") Handbook Section 3475, "Disposal
             of Long-Lived Assets and Discontinued Operations" ("CICA 3475"),
             the Company recognized a non-cash impairment loss at the date of
             the distribution equal to the excess of the Company's carrying
             value of the distributed assets over their fair values on the
             distribution date. The Company recorded impairment losses of
             $68 million related to MEC and $6 million related to certain
             real estate properties of MID. The impairment evaluation was
             completed on an individual asset basis for the real estate
             properties of MID and based on an assessment of the fair value
             of MID's controlling interest in MEC.

             Immediately prior to the distribution of the MID shares, the
             Company increased the stated capital of its Class B Shares by
             way of a transfer from retained earnings of $10 million. On
             August 29, 2003, the Company recorded the distribution of the
             MID shares as a reduction of shareholders' equity of
             $1,492 million, representing Magna's net investment in MID,
             after the impairment charges described above, plus costs related
             to the distribution. The distribution was structured as a return
             of stated capital of the Class A Subordinate Voting and Class B
             Shares of $939 million and $1 million, respectively. The
             remaining reduction in shareholders' equity has been recorded as
             a charge to retained earnings of $552 million.

             In accordance with CICA 3475, the financial results of MEC have
             been disclosed as discontinued operations until August 29, 2003
             (note 3). However, because Magna and its operating subsidiaries
             will continue to occupy their facilities under long-term leases
             with MID, the operations of the real estate business of MID
             cannot be reflected as discontinued operations. Therefore, the
             results of the real estate business are disclosed in continuing
             operations in the consolidated financial statements until
             August 29, 2003.

        (b)  Pro forma impact

             If the distribution of the Class A Subordinate Voting and
             Class B Shares of MID had occurred on December 31, 2001, the
             Company's unaudited pro forma consolidated financial results
             would have been as follows:


             Statements of income

                                   Three months ended     Nine months ended
                                      September 30,          September 30,
                                       2003       2002       2003       2002
             ----------------------------------------------------------------

             Sales                 $  3,565   $  2,962   $ 10,721   $  8,979

             Cost of goods sold       2,997      2,494      8,927      7,456
             Depreciation and
              amortization              125         97        350        290
             Selling, general and
              administrative            245        187        727        559
             Interest income, net        (3)        (5)       (10)        (5)
             Equity income               (3)        (6)       (10)       (17)
             ----------------------------------------------------------------
             Operating income           204        195        737        696
             Other income                 -         15          -         15
             ----------------------------------------------------------------
             Income before income
              taxes and minority
              interest                  204        210        737        711
             Income taxes                72         63        256        235
             Minority interest           14         16         59         55
             ----------------------------------------------------------------
             Net income            $    118   $    131   $    422   $    421
             ----------------------------------------------------------------
             ----------------------------------------------------------------

             Diluted earnings per
              Class A Subordinate
              Voting or Class B
              Share                $   1.17   $   1.39   $   4.24   $   4.43
             ----------------------------------------------------------------
             ----------------------------------------------------------------

             The pro forma income statements eliminate the results of MEC,
             which have been reported as discontinued operations, and the
             revenues and expenses of the real estate business of MID prior
             to August 29, 2003. The pro forma income statements also include
             adjustments, net of income taxes, to eliminate intercompany
             interest expense on advances from the Company to MID, to reflect
             the impact of amending certain leases effective January 1, 2003
             and to reflect the impact of the MID distribution on the
             Company's deferred profit sharing expense and executive
             compensation.

        (c)  Cash Distribution

             Dividends include $19 million with respect to the MID
             distribution, which represents the amount of cash held by MID on
             August 29, 2003.


    3.  DISCONTINUED OPERATIONS - MEC

        The Company's revenues and expenses, cash flows, and assets,
        liabilities and equity related to MEC are as follows:

        Statements of income:

                                        Two      Three      Eight       Nine
                                     months     months     months     months
                                      ended      ended      ended      ended
                                  August 29,  Sept. 30, August 29,  Sept. 30,
                                       2003       2002       2003       2002
        ---------------------------------------------------------------------
        Sales                      $     67   $     65   $    525   $    442
        Costs and expenses               84         82        520        425
        ---------------------------------------------------------------------
        Operating income (loss)         (17)       (17)         5         17
        Impairment loss recorded
         on distribution (note 2)       (68)         -        (68)         -
        Dilution loss (a)                 -          -          -        (11)
        ---------------------------------------------------------------------
        Income (loss) before income
         taxes and minority interest    (85)       (17)       (63)         6
        Income taxes                     (7)        (7)         3          7
        Minority interest                (4)        (4)         1          1
        ---------------------------------------------------------------------
        Net loss                   $    (74)  $     (6)  $    (67)  $     (2)
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        (a)  In April 2002, MEC completed a public offering by issuing
             23 million shares of its Class A Subordinate Voting Stock for
             aggregate cash consideration, net of share issue expenses, of
             $142 million. The Company recognized a loss of $11 million from
             its ownership dilution arising from the issue. The loss incurred
             was not subject to income taxes as the issue was completed on a
             primary basis by MEC.

        Statements of cash flows:

                                        Two      Three      Eight       Nine
                                     months     months     months     months
                                      ended      ended      ended      ended
                                  August 29,  Sept. 30, August 29,  Sept. 30,
                                       2003       2002       2003       2002
        ---------------------------------------------------------------------

        Cash provided from
         (used for):

        OPERATING ACTIVITIES
        Net loss                   $    (74)  $     (6)  $    (67)  $     (2)
        Items not involving
         current cash flows              70         (1)        92         26
        ---------------------------------------------------------------------
                                         (4)        (7)        25         24
        Changes in non-cash
         working capital                  -         (4)        (7)       (17)
        ---------------------------------------------------------------------
                                         (4)       (11)        18          7
        ---------------------------------------------------------------------
        INVESTMENT ACTIVITIES
        Fixed asset additions           (17)       (39)       (45)       (72)
        Increase in other assets         (4)       (10)       (16)       (13)
        Proceeds from disposition
         of investments and other         1          2          2          9
        ---------------------------------------------------------------------
                                        (20)       (47)       (59)       (76)
        ---------------------------------------------------------------------
        FINANCING ACTIVITIES
        Net repayments of debt           (3)        (1)       (46)       (10)
        Issues of subordinated
         debentures by subsidiaries       -          -        145          -
        Issues of shares by
         subsidiaries                     -          -          -        142
        ---------------------------------------------------------------------
                                         (3)        (1)        99        132
        ---------------------------------------------------------------------

        Effect of exchange rate
         changes on cash and cash
         equivalents                     (3)         -          3          4
        ---------------------------------------------------------------------

        Net increase (decrease) in
         cash and cash equivalents
         during the period              (30)       (59)        61         67
        Cash and cash equivalents,
         beginning of period            197        184        106         58
        ---------------------------------------------------------------------
        Cash and cash equivalents,
         end of period             $    167   $    125   $    167   $    125
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------



        Balance Sheet:
                                                                December 31,
                                                                       2002
        ---------------------------------------------------------------------
        ASSETS
        Current assets
        Cash and cash equivalents                                    $   106
        Accounts receivable                                               46
        Inventories                                                        2
        Prepaid expenses and other                                         6
        ---------------------------------------------------------------------
                                                                         160
        ---------------------------------------------------------------------
        Fixed assets, net                                                752
        Future tax assets                                                 12
        Other assets                                                     332
        ---------------------------------------------------------------------
                                                                     $ 1,256
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------
        LIABILITIES AND MAGNA'S NET INVESTMENT
        Current liabilities
        Bank indebtedness                                            $    49
        Accounts payable and other accrued liabilities                   108
        Long-term debt due within one year                                15
        ---------------------------------------------------------------------
                                                                         172
        ---------------------------------------------------------------------
        Deferred revenue                                                   6
        Long-term debt                                                   118
        Debentures' interest obligation                                   67
        Future tax liabilities                                           166
        Minority interest                                                300
        ---------------------------------------------------------------------
                                                                         829
        ---------------------------------------------------------------------
        Magna's net investment in MEC                                    427
        ---------------------------------------------------------------------
                                                                     $ 1,256
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------


    4.  OTHER INCOME (LOSS)

        Other income for 2003 includes $6 million of impairment losses
        related to certain real estate properties of MID (note 2).

        In July 2002, Tesma International Inc. ("Tesma") completed a public
        offering by issuing 2.85 million of its Class A Subordinate Voting
        Shares for aggregate cash consideration, net of share issue expenses,
        of Cdn$97 million. Magna recognized a gain of $13 million from its
        ownership dilution arising from the issue.

        In July 2002, Decoma International Inc. ("Decoma") issued 451,400
        shares of its Class A Subordinate Voting Stock to satisfy its
        obligations under Decoma's Deferred Profit Sharing Plan. Magna
        recognized a gain of $2 million from its ownership dilution arising
        from the issue.

        The gains recognized were not subject to income taxes as the issues
        were completed on a primary basis by Tesma and Decoma, respectively.


    5.  GOODWILL AND OTHER INTANGIBLE ASSETS

        In 2002, the Company adopted the new accounting recommendations of
        the CICA for goodwill and other intangible assets. Upon initial
        adoption of these recommendations, the Company recorded a goodwill
        writedown of $51 million, of which $15 million related to Decoma's
        U.K. reporting unit and $36 million related to Intier Automotive
        Inc.'s ("Intier") Interiors Europe, Closures Europe and Interiors
        North America reporting units. Of the total goodwill writedown of
        $51 million, $42 million was charged against January 1, 2002 opening
        retained earnings, representing Magna's ownership interest in the
        writedowns of Decoma and Intier. The balance of the goodwill
        writedown of $9 million was reflected as a reduction in January 1,
        2002 opening minority interest.


    6.  DEBENTURES ISSUED BY SUBSIDIARIES

        On March 27, 2003, Decoma issued Cdn$100 million of 6.5% convertible
        unsecured subordinated debentures maturing March 31, 2010. The
        subordinated debentures are convertible at any time into Decoma Class
        A Subordinate Voting Shares at a fixed conversion price of Cdn$13.25
        per share. All or part of the subordinated debentures are redeemable
        at Decoma's option between March 31, 2007 and March 31, 2008 if the
        weighted average trading price of Decoma's Class A Subordinate Voting
        Shares is not less than Cdn$16.5625 for the 20 consecutive trading
        days ending five trading days preceding the date on which notice of
        redemption is given. Subsequent to March 31, 2008, all or part of the
        subordinated debentures are redeemable at Decoma's option at any
        time. On redemption or maturity, Decoma will have the option of
        retiring the Debentures with Decoma Class A Subordinate Voting Shares
        and in addition, Decoma may elect from time to time to issue and
        deliver freely tradable Class A Subordinate Voting Shares to a
        trustee in order to raise funds to satisfy the obligation to pay
        interest on the Debentures.

        The present value of the principal and interest of the Decoma
        subordinated debentures and the value ascribed to the holders'
        conversion option are included in Decoma's equity. Accordingly, such
        amounts are classified as minority interest in the Company's
        consolidated balance sheet.


    7.  REDEMPTION OF THE 4.875% CONVERTIBLE SUBORDINATED DEBENTURES

        In May 2002, the Company called for the redemption of the 4.875%
        Convertible Subordinated Debentures effective June 6, 2002. Prior to
        June 6, 2002, an aggregate $29 million principal amount of such
        debentures was converted into 389,719 Class A Subordinate Voting
        Shares. The $451 million principal amount that remained outstanding
        was redeemed by issuing 6,155,863 Class A Subordinate Voting Shares.

        On redemption, the Company incurred a foreign exchange loss of
        $11 million related to the equity component of the 4.875% Convertible
        Subordinated Debentures. Accordingly, such amount was recorded as a
        charge to retained earnings. In accordance with the recommendations
        of the CICA, the foreign exchange loss of $11 million has been
        recorded as a charge to income available to Class A Subordinate
        Voting or Class B Shareholders and reflected in the calculation of
        basic and diluted earnings per share.


    8.  CAPITAL STOCK

        (a)  On August 6, 2003, the Company announced that The Toronto Stock
             Exchange ("TSX") and the New York Stock Exchange ("NYSE")
             accepted notices of the Company's intention to purchase for
             cancellation and/or for purposes of its long-term retention
             (restricted share) program up to 3 million of its Class A
             Subordinate Voting Shares, representing less than 5% of the
             Company's issued and outstanding Class A Subordinate Voting
             Shares, pursuant to a normal course issuer bid. The Company's
             bid, which is subject to a maximum aggregate expenditure of
             U.S.$200 million, commenced on August 12, 2003, following the
             expiry of its prior bid on August 11, 2003, and will expire no
             later than August 11, 2004.

             During the three months ended September 30, 2003, a subsidiary
             of the Company purchased 75,356 Magna Class A Subordinate Voting
             Shares for cash consideration of $5 million, which were then
             awarded on a restricted basis to three executives. During the
             three months ended September 30, 2002, the Company repurchased
             for cancellation 33,900 Class A Subordinate Voting Shares for
             aggregate cash consideration of approximately $2 million. In
             accordance with the recommendations of the CICA, the excess of
             the cash paid over the book value of the Class A Subordinate
             Voting Shares repurchased of $1 million was charged to retained
             earnings.

        (b)  As a result of the MID distribution, the stated capital of the
             Class A Subordinate Voting and Class B Shares was reduced by
             $939 million and $1 million, respectively (note 2).

        (c)  The following table presents the maximum number of Class A
             Subordinate Voting and Class B Shares that would be outstanding
             if all dilutive instruments outstanding at September 30, 2003
             were exercised:

             Class A Subordinate Voting and Class B Shares
              outstanding at September 30, 2003                         96.3
             Stock options                                               2.9
             ----------------------------------------------------------------
                                                                        99.2
             ----------------------------------------------------------------
             ----------------------------------------------------------------

             The above amounts exclude Class A Subordinate Voting Shares
             issuable, at the Company's option, to settle the 7.08%
             subordinated debentures and Preferred Securities on redemption
             or maturity.


    9.  STOCK BASED COMPENSATION

        (a)  The following is a continuity schedule of options outstanding
             (number of options in the table below are expressed in whole
             numbers and have not been rounded to the nearest million):

                                            Options outstanding
                                          -----------------------
                                                       Weighted
                                                        average     Number
                                            Number     exercise   of options
                                          of options     price    exercisable
             ----------------------------------------------------------------

             Outstanding at December 31,
              2002                         3,377,875   Cdn$89.19   1,958,375
             Granted                         320,000   Cdn$93.19      64,000
             Exercised                       (36,850)  Cdn$66.55     (36,850)
             ----------------------------------------------------------------
             Outstanding at March 31,
              2003                         3,661,025   Cdn$89.77   1,985,525
             Granted                          40,000   Cdn$93.17       8,000
             Exercised                       (64,150)  Cdn$68.46     (64,150)
             Cancelled                      (115,000) Cdn$104.08     (41,000)
             ----------------------------------------------------------------
             Outstanding at June 30, 2003  3,521,875   Cdn$89.73   1,888,375
             Exercised                      (621,025)  Cdn$73.63    (621,025)
             Vested                                -           -      25,000
             Option repricing related to
              MID distribution(b)                  -  (Cdn$11.98)          -
             ----------------------------------------------------------------
             Outstanding at September 30,
              2003                         2,900,850   Cdn$80.74   1,292,350
             ----------------------------------------------------------------
             ----------------------------------------------------------------

        (b)  As a result of the dilutive impact of the MID distribution (note
             2), all issued but unexercised options for Magna Class A
             Subordinate Voting Shares were adjusted down by Cdn$11.98 in
             accordance with the adjustment mechanism prescribed by the TSX.
             The adjustment mechanism is intended to ensure that the
             difference between the fair market value of a Class A
             Subordinate Voting Share and the exercise price of the stock
             options after the MID distribution is not greater than the
             difference between the fair market value of a Class A
             Subordinate Voting Share and the exercise price of the stock
             options immediately before the MID distribution.

        (c)  The Company does not recognize compensation expense for its
             outstanding fixed price stock options. Under CICA 3870 "Stock-
             Based Compensation and Other Stock-Based Payments", the Company
             is required to disclose compensation expense for fixed price
             stock options issued subsequent to January 1, 2002, assuming
             compensation expense for the stock option plan had been
             determined based upon the fair value at the grant date.

             The fair value of stock options is estimated at the date of
             grant using the Black-Scholes option pricing model with the
             following weighted average assumptions:

             ----------------------------------------------------------------
             Risk free interest rate                                       5%
             Expected dividend yield                                    1.45%
             Expected volatility                                          24%
             Expected time until exercise                            4 years
             ----------------------------------------------------------------
             ----------------------------------------------------------------

             The Black-Scholes option valuation model used by the Company to
             determine fair values was developed for use in estimating the
             fair value of freely traded options which are fully transferable
             and have no vesting restrictions. In addition, this model
             requires the input of highly subjective assumptions, including
             future stock price volatility and expected time until exercise.
             Because the Company's outstanding stock options have
             characteristics which are significantly different from those of
             traded options, and because changes in any of the assumptions
             can materially affect the fair value estimate, in management's
             opinion, the existing models do not necessarily provide a
             reliable single measure of the fair value of its stock options.

             For purposes of pro forma disclosures, the Company's net income
             and basic and diluted earnings per Class A Subordinate Voting or
             Class B Share for the three months and nine months ended
             September 30, 2003 and 2002 would have been as follows:

                                             Three months      Nine months
                                                ended             ended
                                            September 30,     September 30,
                                            2003     2002     2003     2002
             ----------------------------------------------------------------

             Pro forma net income         $    46  $   434  $   378  $   131

             Pro forma earnings per Class
              A Subordinate Voting or
              Class B Share
               Basic                      $  0.43  $  4.65  $  3.79  $  1.40
               Diluted                    $  0.42  $  4.63  $  3.78  $  1.39
             ----------------------------------------------------------------
             ----------------------------------------------------------------

             The weighted average fair value of options granted during the
             first nine months of 2003 was Cdn$21.17 (2002 - Cdn$25.08).

        (c)  The Company has awarded to three executives an entitlement to
             Class A Subordinate Voting Shares of the Company and its public
             subsidiaries in the form of restricted stock. Such shares become
             available to the executive, subject to acceleration on death and
             disability, on December 31, 2006, provided certain conditions
             are met and are to be released in equal amounts over a ten-year
             period commencing January 1, 2007, subject to forfeiture under
             certain circumstances. The fair value of the restricted stock
             grant is amortized to compensation expense from the effective
             date of the grant to the final vesting date. At September 30,
             2003, unamortized compensation expense related to the restricted
             stock arrangements was $17 million.


    10. SEGMENTED INFORMATION

                            Three months ended         Three months ended
                            September 30, 2003         September 30, 2002
    ---------------------------------------------- --------------------------
                                           Fixed                      Fixed
                         Total  Operating  assets,  Total  Operating  assets,
                         sales   income     net     sales   income     net
    ---------------------------------------------- --------------------------
    Public Automotive
     Operations
      Decoma International
       Inc.             $   574  $    26  $   631  $   480  $    31  $   493
      Intier Automotive
       Inc.               1,069       18      504      932       24      444
      Tesma International
       Inc.                 255       22      288      226       20      273

    Wholly Owned
     Automotive
     Operations
      Magna Steyr           659       11      485      528       (4)     509
      Other Automotive
       Operations         1,041       92    1,002      816       69      820

    Corporate and other     (32)      47       74      (20)      66      765
    ---------------------------------------------- --------------------------
    Total reportable
     segments           $ 3,566  $   216    2,984  $ 2,962  $   206    3,304
    Current assets                          5,074                      4,350
    Investments, goodwill
     and other assets                       1,093                        568
    Discontinued
     operations long-
     term assets                                -                        824
    ---------------------------------------------- --------------------------
    Consolidated total
     assets                               $ 9,151                    $ 9,046
    ---------------------------------------------- --------------------------
    ---------------------------------------------- --------------------------



                             Nine months ended          Nine months ended
                            September 30, 2003         September 30, 2002
    ---------------------------------------------- --------------------------
                                           Fixed                      Fixed
                         Total  Operating  assets,  Total  Operating  assets,
                         sales   income     net     sales   income     net
    ---------------------------------------------- --------------------------
    Public Automotive
     Operations
      Decoma International
       Inc.             $ 1,763  $   126  $   631  $ 1,583  $   131  $   493
      Intier Automotive
       Inc.               3,233       85      504    2,807       98      444
      Tesma International
       Inc.                 803       78      288      678       67      273

    Wholly Owned
     Automotive
     Operations
      Magna Steyr         1,703       23      485    1,471       11      509
      Other Automotive
       Operations         3,327      321    1,002    2,513      266      820

    Corporate and other    (107)     149       74      (73)     156      765
    ---------------------------------------------- --------------------------
    Total reportable
     segments           $10,722  $   782    2,984  $ 8,979  $   729    3,304
    Current assets                          5,074                      4,350
    Investments, goodwill
     and other assets                       1,093                        568
    Discontinued
     operations long-
     term assets                                -                        824
    ---------------------------------------------- --------------------------
    Consolidated total
     assets                               $ 9,151                    $ 9,046
    ---------------------------------------------- --------------------------
    ---------------------------------------------- --------------------------

        Substantially all of MID's automotive real estate assets that were
        distributed to shareholders on August 29, 2003 (note 2) were
        previously included in the Corporate and other segment.


    11. COMPARATIVE FIGURES

        Certain of the comparative figures have been reclassified to conform
        to the current period's method of presentation.



    MAGNA INTERNATIONAL INC.
    APPENDIX A - PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (United States dollars in millions, except per share figures)

    The following unaudited pro forma consolidated financial information has
    been presented assuming that the MID distribution as described in note 2
    to the unaudited interim consolidated financial statements had been
    completed as of December 31, 2001 for the consolidated statements of
    income and are unaudited.

    The unaudited pro forma consolidated statements of income are provided
    for information purposes only and may not be indicative of the results
    that would have occurred if the transactions had been effected on the
    date indicated or which may be obtained in the future. The unaudited pro
    forma consolidated financial statements and accompanying notes should be
    read in conjunction with the Company's consolidated financial statements
    for the periods presented.

    In addition, the Company measures and presents pro forma net income from
    operations, excluding impairment charges and pro forma diluted earnings
    per share from operations, excluding impairment charges because they are
    measures that are widely used by analysts and investors in evaluating the
    operating performance of the Company. However, such measures do not have
    any standardized meaning under Canadian GAAP and are therefore unlikely
    to be comparable to similar measures presented by other companies.


    If the MID distribution had occurred on December 31, 2001, the Company's
    unaudited pro forma consolidated financial results would have been as
    follows:


                                                    2002
                                 --------------------------------------------
                                   First   Second    Third   Fourth     Full
                                 Quarter  Quarter  Quarter  Quarter     Year
    -------------------------------------------------------------------------

    Sales                        $ 2,872  $ 3,145  $ 2,962  $ 3,443  $12,422

    Cost of goods sold             2,377    2,585    2,494    2,884   10,340
    Depreciation and amortization     95       98       97      110      400
    Selling, general and
     administrative                  180      192      187      221      780
    Interest expense (income),
     net                               1       (1)      (5)      (8)     (13)
    Equity income                     (4)      (7)      (6)      (6)     (23)
    Impairment charges                 -        -        -       36       36
    -------------------------------------------------------------------------
    Operating income                 223      278      195      206      902
    Other income                       -        -       15        -       15
    -------------------------------------------------------------------------
    Income before income taxes
     and minority interest           223      278      210      206      917
    Income taxes                      77       95       63       80      315
    Minority interest                 16       23       16       11       66
    -------------------------------------------------------------------------
    Net income                   $   130  $   160  $   131  $   115  $   536
    Addback (deduct):
      Other income                     -        -      (15)       -      (15)
      Impairment charges
       (net of tax)                    -        -        -       27       27
    -------------------------------------------------------------------------
    Pro forma net income from
     operations, excluding
     impairment charges          $   130  $   160  $   116  $   142  $   548
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per
     Class A Subordinate
     Voting or Class B Share     $  1.39  $  1.65  $  1.39  $  1.15  $  5.62
    Addback (deduct):
      Other income                     -        -    (0.17)       -    (0.16)
      Impairment charges               -        -        -     0.28     0.29
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                   -     0.05        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share
     from operations, excluding
     impairment charges          $  1.39  $  1.70  $  1.22  $  1.43  $  5.75
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                          2003
                                          -----------------------------------
                                            First   Second    Third  Year to
                                          Quarter  Quarter  Quarter     Date
    -------------------------------------------------------------------------

    Sales                                 $ 3,496  $ 3,660  $ 3,565  $10,721

    Cost of goods sold                      2,909    3,021    2,997    8,927
    Depreciation and amortization             112      113      125      350
    Selling, general and
     administrative                           235      247      245      727
    Interest expense (income),
     net                                       (3)      (4)      (3)     (10)
    Equity income                              (4)      (3)      (3)     (10)
    Impairment charges                          -        -
    -------------------------------------------------------------------------
    Operating income                          247      286      204      737
    Other income                                -        -        -        -
    -------------------------------------------------------------------------
    Income before income taxes
     and minority interest                    247      286      204      737
    Income taxes                               85       99       72      256
    Minority interest                          19       26       14       59
    -------------------------------------------------------------------------
    Net income                            $   143  $   161  $   118  $   422
    Addback (deduct):
      Other income                              -        -        -        -
      Impairment charges
       (net of tax)                             -        -        -        -
    -------------------------------------------------------------------------
    Pro forma net income from
     operations, excluding
     impairment charges                   $   143  $   161  $   118  $   422
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per
     Class A Subordinate
     Voting or Class B Share              $  1.45  $  1.61  $  1.17  $  4.24
    Addback (deduct):
      Other income                              -        -        -        -
      Impairment charges                        -        -        -        -
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                            -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share
     from operations, excluding
     impairment charges                   $  1.45  $  1.61  $  1.17  $  4.24
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    MAGNA INTERNATIONAL INC.
    APPENDIX A - NOTES TO PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (United States dollars in millions, except per share figures)

    1.  BASIS OF PRESENTATION

        The unaudited pro forma consolidated statements of income for the
        periods presented have been prepared from the unaudited consolidated
        statements of income of the Company. The unaudited pro forma
        consolidated statements of income have been prepared on the basis of
        the assumptions and adjustments described in note 2 below and should
        be read in conjunction with the historical consolidated financial
        statements of the Company, including the related notes thereto.

        The unaudited pro forma consolidated statements of income have been
        prepared in accordance with Canadian generally accepted accounting
        principles ("Canadian GAAP")

        The unaudited pro forma consolidated statements of income are not
        necessarily indicative of the results of operations that would have
        resulted had the relevant transactions taken place at the date
        referred to below.

    2.  PRO FORMA ASSUMPTIONS AND ADJUSTMENTS

        The unaudited pro forma consolidated statements of income have been
        presented assuming that the reorganization of MID and the
        distribution by the Company of 100% of the Class A Subordinate Voting
        and Class B Shares of MID (the "Spin-Off Transactions") had been
        completed as of December 31, 2001 and give effect to the following
        items:

        (a)   MEC

              As a result of the Spin-Off Transactions, the Company will
              restate its historical consolidated financial statements to
              reflect the operating results of MEC prior to August 29, 2003
              as discontinued operations in accordance with CICA Handbook
              Section 3475, "Disposal of Long-Lived Assets and Discontinued
              Operations". The pro forma adjustment for MEC eliminates the
              results for MEC from the Company's income.

        (b)   Pro forma MID

              Under CICA 3475, the operations of the real estate business of
              MID cannot be reflected as discontinued operations. The pro
              forma adjustments for MID eliminate the revenues and expenses
              of the real estate business of MID prior to August 29, 2003 in
              the manner in which such amounts were recorded in the
              preparation of the Company's consolidated financial statements
              and reflect the following adjustments:

              (i)   Intercompany interest
                    An adjustment to interest expense to eliminate interest
                    expense incurred by MID on historical advances from the
                    Company since all intercompany advances were eliminated
                    in the initial capitalization of MID.

              (ii)  Lease amendments
                    Effective January 1, 2003, the Company amended the terms
                    of certain leases with MID to reduce the remaining lease
                    terms and minimum lease payments, and replace scheduled
                    rent increases with periodic rent increases based on a
                    local price index. As a result of these amendments, the
                    classification of certain leases changed from
                    capital/direct financing to operating.

              (iii) Deferred profit sharing and incentive compensation
                    adjustment
                    As a result of the Spin-Off Transactions, the reduction
                    in the Company's pre-tax income will result in a
                    reduction in deferred profit sharing expense and
                    executive management compensation as determined under the
                    Company's Corporate Constitution.

              (iv)  Income tax
                    The tax effect on the foregoing adjustments, where
                    applicable, has been computed at applicable income tax
                    rates by jurisdiction. In addition, as a result of the
                    distribution, the Company will lose certain tax benefits
                    derived from intercompany interest that was historically
                    charged to MID.

        (c)   Earnings per Class A Subordinate Voting or Class B Share

              The unaudited pro forma earnings per Class A Subordinate Voting
              or Class B Shares is based on the average number of shares that
              were issued and outstanding for the periods presented as
              follows (in millions):


                                                   2002
                                 --------------------------------------------
                                   First   Second    Third   Fourth     Full
                                 Quarter  Quarter  Quarter  Quarter     Year
    -------------------------------------------------------------------------

    Diluted                         90.6     86.2     90.7     95.8     92.0
    Pro forma diluted, from
     operations, excluding
     impairment charges             90.6     91.0     90.7     95.8     92.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                          2003
                                          -----------------------------------
                                            First   Second    Third  Year to
                                          Quarter  Quarter  Quarter     Date
    -------------------------------------------------------------------------

    Diluted                                  95.8     96.0     96.5     96.1
    Pro forma diluted, from
     operations, excluding
     impairment charges                      95.8     96.0     96.5     96.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    MAGNA INTERNATIONAL INC.
    APPENDIX A - PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (United States dollars in millions, except per share figures)


    If the MID distribution had occurred on December 31, 2001, the Company's
    unaudited pro forma consolidated financial results would have been as
    follows:

                                             First Quarter - 2003
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $ 3,766  $  (270) $ 3,496  $     -  $ 3,496

    Cost of goods sold             2,887             2,887       22    2,909
    Depreciation and amortization    118               118       (6)     112
    Selling, general and
     administrative                  235               235               235
    Interest expense (income),
     net                              (3)               (3)               (3)
    Equity income                     (4)               (4)               (4)
    Impairment charges                 -                 -                 -
    MEC costs and expenses           248     (248)       -                 -
    -------------------------------------------------------------------------
    Operating income (loss)          285      (22)     263      (16)     247
    Other income                       -        -        -        -        -
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     285      (22)     263      (16)     247
    Income taxes                      99      (10)      89       (4)      85
    Minority interest                 24       (5)      19                19
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $   162  $    (7) $   155  $   (12) $   143
    Addback (deduct):
      Other income                     -        -        -        -        -
      Impairment charges
       (net of tax)                    -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   162  $    (7) $   155  $   (12) $   143
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per Class A
     Subordinate Voting or
     Class B Share               $  1.65  $ (0.07) $  1.58  $ (0.13) $  1.45
    Addback (deduct):
      Other income                     -        -        -        -        -
      Impairment charges               -        -        -        -        -
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                   -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share from
     operations, excluding
     impairment charges          $  1.65  $ (0.07) $  1.58  $ (0.13) $  1.45
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                             First Quarter - 2002
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $ 3,121  $  (249) $ 2,872  $     -  $ 2,872

    Cost of goods sold             2,362             2,362       15    2,377
    Depreciation and amortization     99                99       (4)      95
    Selling, general and
     administrative                  180               180               180
    Interest expense (income),
     net                               1                 1                 1
    Equity income                     (4)               (4)               (4)
    Impairment charges                 -                 -                 -
    MEC costs and expenses           217     (217)       -                 -
    -------------------------------------------------------------------------
    Operating income (loss)          266      (32)     234      (11)     223
    Other income                       -        -        -        -        -
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     266      (32)     234      (11)     223
    Income taxes                      92      (13)      79       (2)      77
    Minority interest                 21       (5)      16                16
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $   153  $   (14) $   139  $    (9) $   130
    Addback (deduct):
      Other income                     -        -        -        -
      Impairment charges
       (net of tax)                    -        -        -        -
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   153  $   (14) $   139  $    (9) $   130
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per Class A
     Subordinate Voting or
     Class B Share               $  1.65  $ (0.16) $  1.49  $ (0.10) $  1.39
    Addback (deduct):
      Other income                     -        -        -        -        -
      Impairment charges               -        -        -        -        -
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                   -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share from
     operations, excluding
     impairment charges          $  1.65  $ (0.16) $  1.49  $ (0.10) $  1.39
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    If the MID distribution had occurred on December 31, 2001, the Company's
    unaudited pro forma consolidated financial results would have been as
    follows:


                                            Second Quarter - 2003
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $ 3,848  $  (188) $ 3,660  $     -  $ 3,660

    -------------------------------------------------------------------------
    Cost of goods sold             2,997             2,997       24    3,021
    Depreciation and amortization    120               120       (7)     113
    Selling, general and
     administrative                  247               247               247
    Interest expense (income),
     net                              (4)               (4)               (4)
    Equity income                     (3)               (3)               (3)
    Impairment charges                 -                 -                 -
    MEC costs and expenses           188     (188)       -                 -
    -------------------------------------------------------------------------
    Operating income (loss)          303        -      303      (17)     286
    Other income (loss)                -        -        -        -        -
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     303        -      303      (17)     286
    Income taxes                     103        -      103       (4)      99
    Minority interest                 26        -       26                26
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $   174  $     -  $   174  $   (13) $   161
    Addback (deduct):
      Other income (loss)              -        -        -        -        -
      Impairment charges
       (net of tax)                    -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   174  $     -  $   174  $   (13) $   161
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per
     Class A Subordinate
     Voting or Class B Share     $  1.76  $  0.00  $  1.76  $ (0.15) $  1.61
    Addback (deduct):
      Other income (loss)              -        -        -        -        -
      Impairment charges               -        -        -        -        -
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                   -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share
     from operations, excluding
     impairment charges          $  1.76  $  0.00  $  1.76  $ (0.15) $  1.61
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                            Second Quarter - 2002
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $ 3,273  $  (128) $ 3,145  $     -  $ 3,145

    -------------------------------------------------------------------------
    Cost of goods sold             2,569             2,569       16    2,585
    Depreciation and amortization    103               103       (5)      98
    Selling, general and
     administrative                  192               192               192
    Interest expense (income),
     net                              (1)               (1)               (1)
    Equity income                     (7)               (7)               (7)
    Impairment charges                 -                 -                 -
    MEC costs and expenses           126     (126)       -                 -
    -------------------------------------------------------------------------
    Operating income (loss)          291       (2)     289      (11)     278
    Other income (loss)              (11)      11        -        -        -
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     280        9      289      (11)     278
    Income taxes                      98       (1)      97       (2)      95
    Minority interest                 23        -       23                23
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $   159  $    10  $   169  $    (9) $   160
    Addback (deduct):
      Other income (loss)             11      (11)       -        -        -
      Impairment charges
       (net of tax)                    -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   170  $    (1) $   169  $    (9) $   160
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per
     Class A Subordinate Voting
     or Class B Share            $  1.63  $  0.12  $  1.75  $ (0.10) $  1.65
    Addback (deduct):
      Other income (loss)           0.13    (0.13)       -        -        -
      Impairment charges               -        -        -        -        -
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                0.05        -     0.05        -     0.05
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share
     from operations, excluding
     impairment charges          $  1.81  $ (0.01) $  1.80  $ (0.10) $  1.70
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    If the MID distribution had occurred on December 31, 2001, the Company's
    unaudited pro forma consolidated financial results would have been as
    follows:


                                            Third Quarter - 2003
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $ 3,633  $   (67) $ 3,566  $    (1) $ 3,565

    -------------------------------------------------------------------------
    Cost of goods sold             2,981             2,981       16    2,997
    Depreciation and
     amortization                    131               131       (6)     125
    Selling, general and
     administrative                  244               244        1      245
    Interest expense (income),
     net                              (3)               (3)               (3)
    Equity income                     (3)               (3)               (3)
    Impairment charges                68      (68)       -                 -
    MEC costs and expenses            84      (84)       -                 -
    -------------------------------------------------------------------------
    Operating income                 131       85      216      (12)     204
    Other income (loss)               (6)       -       (6)       6        -
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     125       85      210       (6)     204
    Income taxes                      67        7       74       (2)      72
    Minority interest                 10        4       14                14
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $    48  $    74  $   122  $    (4) $   118
    Addback (deduct):
      Other income (loss)              6        -        6       (6)       -
      Impairment charges
       (net of tax)                   68      (68)       -        -        -
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   122  $     6  $   128  $   (10) $   118
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per Class A
     Subordinate Voting or
     Class B Share               $  0.44  $  0.77  $  1.21  $ (0.04) $  1.17
    Addback (deduct):
      Other income (loss)           0.07        -     0.07        -     0.07
      Impairment charges            0.70    (0.71)   (0.01)   (0.06)   (0.07)
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                   -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share from
     operations, excluding
     impairment charges          $  1.21  $  0.06  $  1.27  $ (0.10) $  1.17
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                                            Third Quarter - 2002
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $ 3,027  $   (65) $ 2,962  $     -  $ 2,962

    -------------------------------------------------------------------------
    Cost of goods sold             2,476             2,476       18    2,494
    Depreciation and
     amortization                    104               104       (7)      97
    Selling, general and
     administrative                  187               187               187
    Interest expense (income),
     net                              (5)               (5)               (5)
    Equity income                     (6)               (6)               (6)
    Impairment charges                 -                 -                 -
    MEC costs and expenses            82      (82)       -                 -
    -------------------------------------------------------------------------
    Operating income                 189       17      206      (11)     195
    Other income (loss)               15        -       15        -       15
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     204       17      221      (11)     210
    Income taxes                      60        7       67       (4)      63
    Minority interest                 12        4       16                16
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $   132  $     6  $   138  $    (7) $   131
    Addback (deduct):
      Other income (loss)            (15)       -      (15)       -      (15)
      Impairment charges
       (net of tax)                    -        -        -        -
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   117  $     6  $   123  $    (7) $   116
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per Class A
     Subordinate Voting or
     Class B Share               $  1.40  $  0.06  $  1.46  $ (0.07) $  1.39
    Addback (deduct):
      Other income (loss)          (0.16)       -    (0.16)       -    (0.16)
      Impairment charges               -        -        -        -        -
      Dilutive impact of foreign
       exchange loss on redemption
       of debentures                   -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share
     from operations, excluding
     impairment charges          $  1.24  $  0.06  $  1.30  $ (0.07) $  1.23
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    If the MID distribution had occurred on December 31, 2001, the Company's
    unaudited pro forma consolidated financial results would have been as
    follows:


                                           Fourth Quarter - 2002
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $ 3,550  $  (107) $ 3,443  $     -  $ 3,443

    -------------------------------------------------------------------------
    Cost of goods sold             2,866             2,866       18    2,884
    Depreciation and amortization    116               116       (6)     110
    Selling, general and
     administrative                  221               221               221
    Interest expense (income),
     net                              (8)               (8)               (8)
    Equity income                     (6)               (6)               (6)
    Impairment charges                54      (18)      36                36
    MEC costs and expenses           129     (129)       -                 -
    -------------------------------------------------------------------------
    Operating income (loss)          178       40      218      (12)     206
    Other income                       -        -        -        -        -
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     178       40      218      (12)     206
    Income taxes                      67       16       83       (3)      80
    Minority interest                  1       10       11                11
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $   110  $    14  $   124  $    (9) $   115
    Addback (deduct):
      Other income                     -        -        -        -        -
      Impairment charges
       (net of tax)                   34       (7)      27        -       27
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   144  $     7  $   151  $    (9) $   142
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per Class A
     Subordinate Voting or
     Class B Share               $  1.10  $  0.15  $  1.25  $ (0.10) $  1.15
    Addback (deduct):
      Other income (loss)              -        -        -        -        -
      Impairment charges            0.35    (0.08)    0.27        -     0.28
      Dilutive impact of foreign
       exchange loss on
       redemption of debentures        -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share
     from operations, excluding
     impairment charges          $  1.45  $  0.07  $  1.52  $ (0.10) $  1.43
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                                             Full Year - 2002
                                 --------------------------------------------
                                                                Pro      Pro
                                      As                      forma    forma
                                reported      MEC Restated      MID    Magna
    -------------------------------------------------------------------------

    Sales                        $12,971  $  (549) $12,422  $     -  $12,422

    -------------------------------------------------------------------------
    Cost of goods sold            10,273            10,273       67   10,340
    Depreciation and amortization    422               422      (22)     400
    Selling, general and
     administrative                  780               780               780
    Interest expense (income),
     net                             (13)              (13)              (13)
    Equity income                    (23)              (23)              (23)
    Impairment charges                54      (18)      36                36
    MEC costs and expenses           554     (554)       -                 -
    -------------------------------------------------------------------------
    Operating income (loss)          924       23      947      (45)     902
    Other income                       4       11       15        -       15
    -------------------------------------------------------------------------
    Income (loss) before income
     taxes and minority interest     928       34      962      (45)     917
    Income taxes                     317        9      326      (11)     315
    Minority interest                 57        9       66                66
    -------------------------------------------------------------------------
    Net income (loss) from
     continuing operations       $   554  $    16  $   570  $   (34) $   536
    Addback (deduct):
      Other income                    (4)     (11)     (15)       -      (15)
      Impairment charges
       (net of tax)                   34       (7)      27        -       27
    -------------------------------------------------------------------------
    Pro forma net income (loss)
     from operations, excluding
     impairment charges          $   584  $    (2) $   582  $   (34) $   548
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Diluted earnings per Class A
     Subordinate Voting or
     Class B Share               $  5.82  $  0.17  $  5.99  $ (0.37) $  5.62
    Addback (deduct):
      Other income (loss)          (0.04)   (0.12)   (0.16)       -    (0.16)
      Impairment charges            0.36    (0.07)    0.29        -     0.29
      Dilutive impact of foreign
       exchange loss on
       redemption of debentures        -        -        -        -        -
    -------------------------------------------------------------------------
    Pro forma diluted earnings
     per Class A Subordinate
     Voting or Class B Share
     from operations, excluding
     impairment charges          $  6.14  $ (0.02) $  6.12  $ (0.37) $  5.75
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


</TEXT>
</DOCUMENT>
