MI Developments Inc. - Notice of Conference Call - Second Quarter 2004 Results AURORA, ON, July 21 /PRNewswire-FirstCall/ -- MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) will announce its financial results for the second quarter ended June 30, 2004 on Wednesday, August 11, 2004 before the opening of the market. A conference call to discuss those results will be held on Wednesday, August 11, 2004 at 10:00 a.m. EST (Toronto time). The number to use for this call is 1-800-814-4859. Please call 10 minutes prior to the start of the conference call. The dial-in number for overseas callers is 416-640-4127. MID will also webcast the conference call at http://www.midevelopments.com/. The conference call will be chaired by Brian Tobin, Chief Executive Officer and John Simonetti, Vice-President and Chief Financial Officer. For anyone unable to listen to the scheduled call, the rebroadcast numbers will be: North America - 1-877-289-8525 and Overseas - 416-640-1917 (reservation number is 21080278 followed by the number sign) and will be available until Wednesday, August 18, 2004. MID is a real estate operating company engaged in the ownership, development, management, leasing and acquisition of industrial and commercial real estate properties located in North America and Europe. Virtually all of its income-producing assets are under lease to Magna International Inc. and its subsidiaries. MID also holds a controlling strategic investment in Magna Entertainment Corp., a publicly traded company and North America's number one owner and operator of horse racetracks, based on revenues, and one of the world's leading suppliers, via simulcasting, of live racing content to the growing inter-track, off-track and account wagering markets. DATASOURCE: MI Developments Inc. CONTACT: about this media release, please contact Deborah Fox at (905) 726-7626. For teleconferencing questions, please call Susan Fitzgerald at (905) 726-7106

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