Management Shakeup at Magna Entertainment

Magna Entertainment Corp. has accepted the resignations of Ed Hannah, MEC's general counsel and executive vice-president of corporate development, and Peter Beresford, MEC's executive vice-president of marketing and strategic planning.

Hannah will be leaving MEC to pursue a new opportunity with Magna International Inc. In his new position with Magna International he will be working on special projects and new business initiatives. His resignation from MEC is effective August 29, 2003.

Beresford will be leaving MEC to pursue other business opportunities. His resignation will also be effective August 29, 2003.

Said Jim McAlpine, president and chief executive officer of MEC: "Ed and Peter have made valuable contributions to the advancement of MEC's business strategy in our formative years. Each has developed a strong corporate department in his field, and the members of each department are now able to assume the responsibilities being passed on by Ed and Peter."