AURORA, Ontario — Magna International Inc. announced that its shareholders have approved the previously announced proposal to eliminate Magna's dual class share structure. The Plan of Arrangement was approved by 75.28 percent of the 89,847,120 votes cast by the disinterested "minority" holders of Magna's Class A Subordinate Voting Shares, voting separately as a class.

Implementation of the proposed arrangement remains subject to approval by the Ontario Superior Court at a fairness hearing which has been scheduled to be held on Aug. 12-13, 2010. Certain shareholders have filed notices of appearance and Magna understands that those shareholders intend to present evidence and make arguments against the proposed transaction at the fairness hearing.

The proposed arrangement remains subject to the risk factors set forth in Magna's Management Information Circular/Proxy Statement dated May 31, 2010, as amended and supplemented by the Supplement dated July 8, 2010.

Magna has approximately 74,000 employees in 240 manufacturing operations and 76 product development, engineering and sales centers in 25 countries.