December 2, 2003


Magna may buy controlling interest in DaimlerChrysler’s New Venture Gear

Aurora, Ontario – Canadian auto supplier Magna International announced it is in
discussions with DaimlerChrysler regarding the potential sale to Magna of a
controlling interest in New Venture Gear with manufacturing operations in Syracuse,
New York and Roitzsch, Germany. New Venture Gear produces drivetrain systems,
including transfer cases, and had sales of approximately U.S.$1.4 billion in 2002 in its Syracuse and
Roitzsch operations.

DaimlerChrysler and Magna will discuss forming a joint venture to operate the
business. If and when agreement is reached on the terms of an acquisition, a
definitive purchase agreement is executed, and necessary board and other approvals
are obtained, a final announcement will be made by Magna.

Magna 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 has approximately 72,000 employees in 201
manufacturing operations and 48 product development and engineering centres in 22
countries.

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