Tom Gale, Executive Vice President for Product Development and Design, DaimlerChrysler Corporation, presented the 1999 Vehicle Concept Awards to the following companies, in these categories:

Most Creative: Dakarta Off-Road Racer by Performance West
Best Interior: Dodge Dakota Quad Cab Performance Truck by Bill Thompson Motorsports
Best Exterior: Red Hot Prowler by Paxton Automotive
Best Expression of Brand Image: Jeep® Cherokee Africana by American Expedition Vehicles
Best Integration of Aftermarket Accessories to OEM: Sport Truck Magazine Dodge Dakota Quad Cab by Dan Webb's Hot Rods
Best Overall: Dakarta Off-Road Racer by Performance West

The awards were presented as part of the fifth DaimlerChrysler Design Excellence Awards at the 1999 Specialty Equipment Market Association (SEMA) show. DaimlerChrysler's Vehicle Concept Awards are an addition to the existing Product Application Awards and are presented to companies that express innovation, superior design and brand focus in developing aftermarket vehicle lifestyle packages for DaimlerChrysler's Chrysler, Dodge, Dodge Truck and Jeep® vehicles.

"By adding the Vehicle Concept Award category, we recognize aftermarket manufacturers that develop total vehicle image packages, or lifestyle packages, which address different market groups. In addition, DaimlerChrysler gains important insights into the significance of adding new dimensional boundaries to existing products for specific market groups," said Gale. Awards were divided into six categories, which were evaluated based on design achievement, craftsmanship, market significance, technical execution, attention to detail and overall lifestyle focus and relevance.

This year's vehicle concept entries were judged by a cross-functional team representing Engineering, Design, Product Planning and Marketing, chaired by Daniel Hardin, Senior Program Manager, Jeep Business Operations. DaimlerChrysler's Vehicle Concept Awards acknowledge innovative thinking, design excellence and/or superior process management. These awards are not meant to be an endorsement or warranty, expressed or implied, by DaimlerChrysler AG, its affiliates or employees.

1. Includes a $10 million gain on the issue of shares by Decoma.

All results are reported in millions of U.S. dollars, except per share figures.

As previously announced, in order to more fully reflect the global nature of its automotive business, the Company changed its fiscal year end from July 31 to December 31, effective December 31, 1998 and changed its reporting currency to United States dollars. Consistent with Canadian securities legislation, comparative data for the three months and nine months ended October 31, 1998 has been presented as these periods coincide with the Company's previously reported quarters prior to the year end change.

As a consequence of the Company changing its year end to December 31, the quarter ended September 30, 1999 includes the impact of the North American OEM shut-down in July 1999 which results in seasonally lower operating performance than in the comparative fiscal quarter ended October 31, 1998. This seasonality will only apply this year. In calendar year 2000 and thereafter, the comparative quarters will coincide with the current reported calendar quarters.

Sales for the third quarter and first nine months of fiscal 1999 were $2.2 billion, and $6.7 billion respectively, an increase of approximately 9% and 29% over the comparable periods ended October 31, 1998. The higher sales level in the third quarter reflects a 12% and 11% increase in North American and European content per vehicle, respectively, over the comparable period ended October 31, 1998, a period in which North American vehicle production decreased approximately 7% due primarily to the July North American shutdown period which is included in the third quarter of 1999, but is not included in the comparative quarter. European vehicle production increased approximately 2% over the same period. Tooling and other sales increased by 37% to $245 million.

Net income for the third quarter was $80 million compared to $97 million in the comparable quarter ended October 31, 1998. The reduction related primarily to the seasonality effects in the current quarter ended September 30, 1999 and the start-up of a new exterior plastics facility in Brazil. Fully diluted earnings per share for the third quarter was $0.89 compared to $1.09 for the comparable period ended October 31, 1998.

During the third quarter, cash generated from operations was $167 million. Total investment activities during the current quarter were $356 million, including $220 million in fixed assets and $136 million in investments and other assets, principally for the acquisition of the remaining 40% minority interest in Magna Automobiltechnik AG ("MATAG") from Voest-Alpine Stahl Linz Ges. m.b.H. which enhances Magna's position as the premier metalforming company in both Europe and globally, and the acquisition of Gulfstream Park by MI Entertainment Corp. ("MC"), formerly called MI Venture Inc., Magna's non-automotive group.

The Board of Directors declared a dividend of $0.25 per share with respect to the Class A Subordinate Voting Shares and Class B Shares for the quarter ended September 30, 1999 payable on December 15, 1999 to shareholders of record on November 30, 1999.

Magna also announced today that MC has entered into definitive agreements to acquire three horse racetracks in the United States. A definitive agreement was reached with The Edward J. Debartolo Corporation for the purchase of Thistledown Racetrack, including its related horse racing operations and approximately 125 acres of related real estate near Cleveland, Ohio, for a total purchase price of $14 million. The purchase price consists of $9.5 million in cash and $4.5 million in Class A Subordinate Voting Stock of MC. A definitive agreement was also reached with Oklahoma Racing LLC for the purchase of Remington Park racetrack, including its related horse racing operations in Oklahoma City, Oklahoma, for a total purchase price of $10 million, payable in cash. A definitive agreement was also reached with Ladbroke Racing Corporation for the purchase of Ladbroke Land Holdings Inc. and Pacific Racing Association which together own and operate Golden Gate Fields racetrack, including approximately 145 acres of related real estate near San Francisco, California. The purchase price is $87 million, of which $60 million is payable in cash, $7 million is payable in Class A Subordinate Voting Stock of MC and $20 million is payable by way of an interest-free promissory note maturing over three years from the date of closing. These racetrack acquisitions are subject to the satisfaction of certain conditions as well as regulatory and other consents and approvals. Closing of the Thistledown Racetrack and

Remington Park transactions are anticipated in November 1999. Closing of the Golden Gate Fields transaction is anticipated in December 1999.

The cash portion of MC's acquisition of Gulfstream Park and the prospective acquisitions noted above will be funded from the $250 million cash portion of Magna's approximately $550 million equity investment in MC. These prospective acquisitions, together with the previous acquisitions of Santa Anita Race Track near Los Angeles, California and Gulfstream Park, between Miami and Fort Lauderdale, Florida, enhance MC's position as one of the premier horse racing and pari-mutuel wagering operations in the world.

Magna also announced that its MC subsidiary will file a preliminary prospectus with the securities regulators in the Provinces of Canada and a registration statement with the Securities and Exchange Commission in the United States on November 8, 1999 for the distribution of approximately 20% of MC's Class A Subordinate Voting Stock to current shareholders of Magna. The Company had previously announced that its Board of Directors approved the establishment of MC as a separate public company. While the planned record and distribution dates are December 15, 1999 and January 3, 2000 respectively, the receipt of the necessary regulatory approvals by the various securities commissions may delay the record and distribution dates to early to mid-January 2000.

The 660,000-square-feet facility produces forgings for axle components and the oil and petro-chemical industries. It also manufactures axles for on- and off-highway applications. The facility employs approximately 450 people. Dana plans to retain the engineering and sales responsibilities for finished drive and front-steer axles manufactured at the facility.

Nick Cole, president of Dana's Off-Highway Systems Group, said, "This decision was not easy and does not reflect on the people at Kirkstall or on the future business opportunities for that operation. Forging is simply not a core Dana technology. We believe this operation will be more competitive as part of a company that considers forging central to its business." Cole said the proposed sale is consistent with Dana's previously announced Five-Point Plan for continued growth and increased profitability, and it comes in response to expressions of interest from potential buyers.

Southwood J. Morcott, Dana chairman, said, "This year, we have said we plan to sell operations with annual sales of about $850 million. As these divestitures conclude, they will provide additional cash flow to further implement our Five-Point Plan." Dana unveiled its Five-Point Plan in April. A tactical link to the company's overall strategic plan, the plan provides elements for continued growth and increased profitability. Dana has retained the investment-banking firm of CIBC World Markets to assist in the transaction.

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