Mr. Louis Tonelli reports

MAGNA ANNOUNCES SENIOR NOTES OFFERING

Magna International Inc. has entered into an underwriting agreement in respect of the offering of $400-million (U.S.) aggregate principal amount of senior unsecured notes due 2029. The notes will bear interest at an annual rate of 5.050 per cent and will mature on March 14, 2029.

Magna International intends to use the net proceeds from the offering of notes for general corporate purposes, which may include the repayment of its existing indebtedness.

The offering of notes is expected to close on March 14, 2024, subject to customary closing conditions. The notes will be offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission and a short form base shelf prospectus and prospectus supplement filed with the Ontario Securities Commission.

BNP Paribas Securities Corp., BofA Securities Inc. and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering of notes.

The offering of notes may be made only by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus can be obtained at no charge by visiting EDGAR on the SEC's website or from BNP Paribas, attention: syndicate desk, 787 7th Ave., third floor, New York, N.Y., 10019, toll-free: 1-800-854-5674; BofA Securities, 201 North Tryon St., Charlotte, N.C., 28255-0001, attention: prospectus department, dg.prospectus_requests@bofa.com, Citigroup care of Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y., 11717, toll-free: 1-800-831-9146, prospectus@citi.com.

About Magna International Inc. (1)

Magna International is more than one of the world's largest suppliers in the automotive space. It is a mobility technology company built to innovate an entrepreneurial-minded team of over 179,000 (2) employees across 342 manufacturing operations and 104 product development, engineering and sales centres spanning 28 countries. With 65-plus years of expertise, its ecosystem of interconnected products combined with its complete vehicle expertise uniquely positions it to advance mobility in an expanded transportation landscape.

(1) Manufacturing operations, product development, engineering and sales centres include certain operations accounted for under the equity method.

(2) Number of employees includes approximately 166,000 employees at its wholly owned or controlled entities and over 13,000 employees at certain operations accounted for under the equity method.

We seek Safe Harbor.