Magna Entertainment Corp. Fourth Quarter and Yearned Results
   		                        -------------------------------------------------------------------------
                                        		 Year Ended        		Three Months Ended
                                         		December 31,          		December 31,
                                       		2002       	2001       		2002       	2001
                                       		----      	 ----      		 ----      	 ----
                                                     		(unaudited)


    Revenues                      		$ 549,221 	 $ 519,061  	$ 106,821  	$  92,511

    Earnings (loss) before
     interest, taxes,
     depreciation and
     amortization ("EBITDA")      		$     553  	$  51,689  		$ (32,809) 	$  (1,127)

    Net income (loss)             		$ (14,395) 	$  13,464  		$ (24,350) 	$  (5,014)

    Diluted earnings (loss)
     per share                    		$   (0.14) 	$    0.16  		$   (0.23) 	$   (0.06)


    Results Excluding the Sale of
     Non-Core Real Estate and
     Write-downs

    Revenues                      		$ 540,330  	$ 478,461  		$ 106,396 	 $  92,147

    EBITDA                       		 $  21,696 	 $  31,260  		$  (9,581) 	$  (4,467)

    Net income (loss)             		$  (1,963) 	$   1,407  		$ (10,611) 	$  (7,036)

    Diluted earnings (loss)
     per share                    		$   (0.02) 	$    0.02  		$   (0.10) 	$   (0.08)

    Results Including the Sale
     of Non-Core Real Estate
     and Excluding Write-downs

    Revenues                      		$ 549,221  	$ 519,061  		$ 106,821  	$  92,511

    EBITDA                       		 $  23,869  	$  51,689  		$  (9,493) 	$  (1,127)

    Net income (loss)             		$    (602) 	$  13,464  		$ (10,557) 	$  (5,014)

    Diluted earnings (loss)
     per share                    		$   (0.01) 	$    0.16  		$   (0.10) 	$   (0.06)