MI Developments to hold annual shareholders' meeting on May 11, 2007

    AURORA, ON, March 21 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that it will hold a shareholders' meeting on
May 11, 2007 in Toronto to consider annual meeting matters and certain
amendments to MID's stock option plan in accordance with the general
recommendations and requirements of The Toronto Stock Exchange. MID has set a
record date of March 23, 2007 for the determination of shareholders entitled
to notice of, and to vote at, the meeting.

    About MID

    MID is a real estate operating company engaged in the ownership,
development, management, leasing and acquisition of industrial and commercial
real estate properties located in North America and Europe. Virtually all of
our income-producing properties are currently under lease to Magna
International Inc. and its subsidiaries. MID also holds a controlling
investment in Magna Entertainment Corp., North America's number one owner and
operator of horse racetracks, based on revenues, and one of the world's
leading suppliers, via simulcasting, of live racing content to the growing
inter-track, off-track and account wagering markets.

For further information:

For further information: about this press release, please contact Robert
Kunihiro, Executive Vice-President and Chief Financial Officer, at (905)

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