NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

AURORA, Ont., March 7, 2023 (GLOBE NEWSWIRE) — Magna International Inc. MGMGA announced today that it has entered into an agency agreement to issue a total of $350 million of senior unsecured debt obligations through a private placement in each Canadian province, maturing in 2031. The Notes bear interest at an annual rate of 4.95% and mature on January 31, 2031. The offering is expected to close on March 10, 2023, subject to customary closing conditions.

Magna intends to use the net proceeds of this Offering to fund a portion of the costs of the proposed acquisition of the Veoneer Active Safety business (the “Veoneer Acquisition”) and to pay related fees and expenses, as well as for general corporate purposes, including repayment of existing involve debt. However, the completion of this offer is not conditional on the completion of the acquisition of Veoneer. In the event that (x) the Veoneer Acquisition is not consummated on or before December 19, 2023 or any later date that the parties to the agreement (the “Equity Purchase Agreement”) governing the Veoneer Acquisition shall use as the “End Date “” thereunder (the “End Date”) or (y) the Equity Purchase Agreement is terminated, Magna shall repay all then outstanding Notes at a redemption price equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, until on the Redemption Date (exclusively).

RBC Capital Markets, Scotiabank and TD Securities are acting as joint bookrunners for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to purchase any securities, nor shall there be any sale of such securities in any province or jurisdiction where such offer, solicitation or sale would be unlawful. The Notes have not been and will not be qualified for distribution to the public by…