Mi Developments Announces Intention To Seek Solutions For “A Prosperous and Successful California Horse Racing Industry

MI Developments Inc. said in a press release issued May 18 that on April 30, 2010, the company went effective with a Plan of Reorganization (“Plan”) previously confirmed by the
U.S. Bankruptcy Court in respect of the assets of Magna Entertainment Corp. Pursuant to the Plan, MID
acquired Santa Anita Park, Golden Gate Fields, Gulfstream Park, The Maryland Jockey Club (Pimlico and
Laurel Park), Portland Meadows, XpressBet and AmTote.

MID understands that recent actions taken in respect of the Plan, including actions taken by Santa Anita
Park concerning its lease with Oak Tree Racing Association, have been misperceived by the California
horse racing industry, including the California Horse Racing Board, the Thoroughbred Owners of California,
Breeders’ Cup, trainers and breeders in California, other racetracks in California, the California Fairs, and
Oak Tree. We believe that our intentions have been misunderstood.

In order to clarify those misunderstandings and misperceptions, MID underscores that it is committed to
achieving a viable and sustainable horse racing industry in California and throughout the United States by
working collaboratively with all other participants in the industry, including regulators, horsemen, breeders,
trainers and other stakeholders.
MID’s Vice Chairman and Chief Executive Officer, Dennis Mills, will immediately commence discussions
with all participants in the California horse racing industry, including the California Horse Racing Board, the
Thoroughbred Owners of California, California breeders and trainers, other racetracks in California, the
California Racing Fairs, Breeders’ Cup, California legislators, Oak Tree and other stakeholders to come up
with both short-term and long-term solutions that will create a prosperous and successful California horse
racing industry that will benefit all.
MID regrets any misunderstanding within the horse racing industry. MID, as direct owner of the racing
assets recently acquired from Magna Entertainment Corp., and MID’s Chairman, Frank Stronach, have
been long-time supporters of the horse racing industry. MID looks forward to continuing to work with the
horse racing industry and its valued stakeholders in creating and sustaining jointly beneficial solutions to the
many issues currently facing the industry.

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