Mr. Louis Tonelli reports

TSX ACCEPTS NOTICE OF INTENTION TO MAKE NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Magna International Inc.'s notice of intention to make a normal course issuer bid. Pursuant to the notice, Magna may purchase up to 300,000 Magna common shares, representing approximately 0.11 per cent of its public float. As at Feb. 1, 2024, Magna had 286,780,238 issued and outstanding common shares, including a public float of 286,433,600 common shares.

The primary purposes of the bid are purchases for cancellation, as well as purchases to finance Magna's stock-based compensation awards or programs and/or Magna's obligations to its deferred profit sharing plans. Magna may purchase its common shares, from time to time, if it believes that the market price of its common shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of the corporation.

The bid will commence on Feb. 15, 2024, and will terminate no later than Feb. 14, 2025. All purchases of common shares under the bid may be made on the TSX, at the market price at the time of purchase in accordance with the rules and policies of the TSX, or on the New York Stock Exchange in compliance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934. In addition to purchases made on the open market through the facilities of the TSX and NYSE, Magna may also make purchases through alternative trading systems in Canada and the United States, and by private agreement or under a specific share repurchase program pursuant to an issuer bid exemption order issued by a securities regulatory authority. Purchases made by way of such private agreements or specific share repurchase program will be at a discount to the prevailing market price. The rules and policies of the TSX contain restrictions on the number of shares that can be purchased under the bid, based on the average daily trading volumes of the common shares on the TSX. Similarly, the Safe Harbor conditions of Rule 10b-18 impose certain limitations on the number of shares that can be purchased on the NYSE per day. As a result of such restrictions, subject to certain exceptions for block purchases, the maximum number of shares which can be purchased per day during the bid on the TSX is 202,962 based on 25 per cent of the average daily trading volume for the prior six months (being 811,850 common shares on the TSX). Subject to certain exceptions for block purchases, the maximum number of shares which can be purchased per day on the NYSE will be 25 per cent of the average daily trading volume for the four calendar weeks preceding the date of purchase. Subject to regulatory requirements, the actual number of common shares purchased and the timing of such purchases, if any, will be determined by Magna having regard to future price movements and other factors. All purchases will be subject to Magna's normal trading blackouts. Any purchases made during a blackout period will only be made pursuant to a predefined automatic securities purchase plan that Magna may enter into with its designated broker.

Magna's normal course issuer bid announced in November, 2022, for the purchase of up to 28,445,000 common shares expired on Nov. 14, 2023. As at the close of trading on Nov. 14, 2023, Magna had purchased 245,904 common shares at a weighted-average price of $54.15 (U.S.). Purchases were made on open market through the facilities of the TSX and NYSE as well as through alternative trading systems in Canada and the United States.

About Magna International Inc.

Magna is more than one of the world's largest suppliers in the automotive space. It is a mobility technology company built to innovate, with a global, entrepreneurial-minded team of over 179,000 employees across 342 manufacturing operations and 104 product development, engineering and sales centres spanning 28 countries. With 65-plus years of expertise, the company's ecosystem of interconnected products combined with its complete vehicle expertise uniquely positions it to advance mobility in an expanded transportation landscape.

We seek Safe Harbor.