Magna International Inc. and Intier Automotive Inc. have jointly announced that Magna’s privatization of Intier has been completed. The privatization was by way of a plan of arrangement under Ontario law, which received shareholder approval on March 30, 2005 and final court approval on April 1, 2005, and became effective at 12:01 a.m. on April 3, 2005. As a result, Intier has become a wholly-owned subsidiary of Magna. In consideration for Magna’s acquisition of all of the issued and outstanding Class A Subordinate Voting shares of Intier not already owned by it, Magna will issue 2,332,748 Class A Subordinate Voting shares in exchange for Intier Class A Subordinate Voting shares and pay approximately Cdn.$62,163,800 to Intier shareholders who made cash elections and for fractional shares. For purposes of the cash elections, the volume-weighted average trading price of Magna’s Class A Subordinate Voting shares on the Toronto Stock Exchange over the five trading days ended April 1, 2005 was Cdn.$81.2455 per share, resulting in a payment of Cdn.$33.3107 per share for Intier shareholders who made cash elections. Otherwise, Intier shareholders will receive 0.41 of a Magna Class A Subordinate Voting share for each Intier Class A Subordinate Voting share under the arrangement. Intier is a global full service supplier and integrator of automotive interior and closure components, systems and modules. It directly supplies most of the major automobile manufacturers in the world with approximately 24,100 employees at 74 manufacturing facilities, and 15 product development, engineering and testing centres in North America, Europe, Brazil, Japan and China.