Ontario Securities Commission hearing regarding transactions with Magna Entertainment

    AURORA, ON, Aug. 11 /CNW/ - MI Developments Inc. (MID) (TSX: MIM.A,
MIM.B; NYSE:   MIM) today announced that, at the request of certain MID Class A
shareholders, the Ontario Securities Commission has called a hearing regarding
MID's ability to rely on certain exemptions from the requirements to obtain
minority shareholder approval and formal valuations under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special
Transactions in respect of transactions with Magna Entertainment Corp. (MEC).
    MID believes that the application of the MID Class A shareholders is
without merit and MID will vigorously defend against the application. The
hearing will commence on September 9, 2009. MID has not made any decisions
regarding its participation in transactions with MEC at this time and MID will
continue to evaluate whether to do so during the course of MEC's Chapter 11

    About MID

    MID is a real estate operating company engaged primarily in the
acquisition, development, construction, leasing, management, and ownership of
a predominantly industrial rental portfolio leased primarily to 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 majority equity interest in MEC, an owner and operator
of horse racetracks, and a supplier, via simulcasting, of live horseracing
content to the inter-track, off-track and account wagering markets. MEC has
filed a voluntary petition for reorganization under Chapter 11 of the U.S.
Bankruptcy Code.

    Forward-Looking Statements

    This press release contains "forward-looking statements" within the
meaning of applicable securities legislation. Words such as "may", "would",
"could", "will", "likely", "expect", "anticipate", "believe", "intend",
"plan", "forecast", "project", "estimate" and similar expressions are used to
identify forward-looking statements. Forward-looking statements should not be
read as guarantees of future events or results and will not necessarily be
accurate indications of whether or the times at or by which such future events
or results will be achieved. Undue reliance should not be placed on such
statements. Forward-looking statements are based on information available at
the time and/or management's good faith assumptions and analyses, and are
subject to known and unknown risks, uncertainties and other unpredictable
factors, many of which are beyond the Company's control, that could cause
actual events or results to differ materially from such forward-looking
statements. Important factors that could cause such differences include, but
are not limited to, the risks that are set forth in the "Risk Factors" section
in MID's Annual Information Form for 2008, filed on SEDAR at www.sedar.com and
attached as Exhibit 1 to MID's Annual Report on Form 40-F for the year ended
December 31, 2008, which investors are strongly advised to review. The "Risk
Factors" section also contains information about the material factors or
assumptions underlying such forward-looking statements. Forward-looking
statements speak only as of the date the statements were made and unless
otherwise required by applicable securities laws, MID expressly disclaims any
intention and undertakes no obligation to update or revise any forward-looking
statements contained in this press release to reflect subsequent information,
events or circumstances or otherwise.

For further information:

For further information: about this press release, please contact
Richard Crofts, MID's Executive Vice-President, Corporate Development, General
Counsel and Secretary, at (905) 726-7505

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