MI Developments announces changes to Board of Directors

    AURORA, ON, Oct. 22 /CNW/ - MI Developments Inc. (MID) (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that Messrs. Franz Deutsch and Benjamin
Hutzel have been appointed to the MID Board of Directors, effective
immediately. MID also announced that Mr. Neil Davis has resigned from the
Board, also effective immediately. In addition, MID announced that Senator
Rod Zimmer has been selected as Lead Director.
    Mr. Deutsch is currently the President of the Austrian Canadian Business
Club and has extensive operating, manufacturing, distribution and brand
management experience on a global scale. From 1981 to 1998, he was the
Chairman of the Board and an Equity Partner in HTM Sports Company, a global
sporting goods company whose brands included Head, Tyrolia and Mares. He also
previously served as the President of AMF Roadmaster and the Executive Vice
President, Marketing of Stelber Industries Inc.
    Mr. Hutzel is currently a partner at Bennett Jones LLP and has an
extensive national and international practice specializing in financings,
acquisitions and divestitures and joint venture structuring. Mr. Hutzel is a
Director and Chairman of the Audit Committee of the Woodbine Entertainment
Group and was recently a Director of the Greater Toronto Airports Authority
(where he also acted as Chairman of the Compensation and Corporate Governance
Committee and a member of the Audit Committee).
    Mr. Dennis Mills, MID's Vice-Chairman and Chief Executive Officer,
stated, "On behalf of the Board, I wish to welcome our new Board members and
am confident that their backgrounds and experience will be of great benefit to
MID. In addition, I want to thank Neil for his service and wish him continued

    About MID

    MID is a real estate operating company focusing primarily on the
ownership, leasing, management, acquisition and development of a predominantly
industrial rental portfolio for Magna International Inc. and its subsidiaries
in North America and Europe. MID also acquires land that it intends to develop
for mixed-use and residential projects. MID holds a controlling interest in
Magna Entertainment Corp., North America's number one owner and operator of
horse racetracks, based on revenue, and one of the world's leading suppliers,
via simulcasting, of live horse racing content to the growing intertrack,
off-track and account wagering markets.

For further information:

For further information: please contact Dennis Mills, MID's
Vice-Chairman and Chief Executive Officer, at (905) 726-7619

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