Company Profile For MI Developments Inc.

MI Developments Inc. (MID) is a real estate operating company. The Company is engaged principally in the ownership, management, leasing, development and acquisition of industrial and commercial real estate properties. The Company also owns land for industrial development and own and acquire land that it intends to develop for mixed-use and residential projects. The Company also holds a controlling interest in Magna Entertainment Corp. (MEC), an owner and operator of horse racetracks and a supplier of live racing content to the inter-track, off-track and account wagering markets. At December 31, 2008, the Company owned approximately 54% of MEC's total equity. The Company’s real estate assets are comprised of income-producing properties, properties under development, properties held for development and properties held for sale. In addition, its assets include project financing facilities to the wholly owned subsidiaries of MEC that own and/or operate Gulfstream Park and Remington Park.

BRIEF: For the six months ended 30 June 2009, MI Developments Inc.'s revenues decreased 48% to $252.3M. Net loss from continuing operations totaled $5.1M vs. an income of $21M. Revenues reflect decreased income from Real Estate Business segment and lower income from Magna Entertainment Corp. segment. Net loss reflects the presence of deconsolidation adjustment to the carrying values of MID's investments in & amounts due from MEC.

MI Developments Inc.
455 Magna Drive,
2nd Floor
Aurora   ON   L4G 7A9
P: +1905.7136322
F: +1905.7136332

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