MI Developments to hold annual and special shareholders' meeting on May 7, 2008

    AURORA, ON, March 13 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that it will hold its shareholders' meeting
on May 7, 2008 in Toronto to consider annual meeting matters and certain
administrative amendments to MID's general by-laws. MID has set a record date
of March 20, 2008 for the determination of shareholders entitled to notice of,
and to vote at, the meeting.
    In addition, on March 7, 2008, MID received a proposal from Greenlight
Capital, Inc. (filed by Greenlight on a Form 13D at www.sec.gov under MID's
profile). The proposal, together with MID's response, will be included in the
management information circular to be distributed in connection with the
annual and special meeting.

    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 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 MEC, 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

For further information:

For further information: about this press release, please contact
Richard J. Smith, Executive Vice-President and Chief Financial Officer, at
(905) 726-7507

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