Magna Reports 20 Percent Sales Growth In Third Quarter.

Magna International posted sales of $3.0 billion for the three months ended September 30, 2002, an increase of 20 percent over the three months ended September 30, 2001. The higher sales level in the third quarter of 2002 reflects increases over the third quarter of 2001 of 28 percent in European

Magna earned net income from operations for the three months ended September 30, 2002 of $117 million, representing an increase over the three months ended September 30, 2001 of 19 percent or $19 million, of which $5 million relates to the elimination of amortization of goodwill and indefinite life intangible assets.

Net income for the three months ended September 30, 2002 was $132 million. Diluted earnings per share from operations were $1.24 for the three months ended September 30, 2002, compared to $1.04 for the three months ended September 30, 2001, an increase of 19 percent or $0.20, of which $0.06 relates to the elimination of amortization of goodwill and indefinite life intangible assets.

Diluted earnings per share for the three months ended September 30, 2002 were $1.40. Cash generated from operations before changes in non-cash working capital was $257 million for the three months ended September 30, 2002. Total investment activities for the third quarter ended September 30, 2002 were $344 million, including $319 million in fixed assets of which $101 million relates to the purchase of the Eurostar facility from DaimlerChrysler, and $25 million in other assets.