MI Developments Inc

MI Developments Inc is listed on NYSE (MIM). Description of Our Development Business We have completed major development and expansion projects in both the North American and European markets. We undertake each new industrial or commercial development project when a prospective tenant is identified and initiate construction once the tenant enters into a binding commitment to lease property from us. As part of our management of a development project from inception, we review building and location requirements, including building specifications and floor plans, working closely with the tenant to ensure the proposed property meets the tenants specifications and needs. Projects are typically identified once a significant new automotive supply contract has been awarded to one of our Magna group tenants. The specifics of the contract are analyzed as to timing for production, location of the tenants customer and the method of shipment and timing allocated to shipping.

Michaels Stores Inc.

Michaels Stores Inc. is listed on NYSE (MIK). Unless otherwise noted, all amounts contained in this document are as of January 29, 2005. Unless otherwise noted, all references to the number of shares of Common Stock and earnings per share amounts in this Annual Report on Form 10-K have been adjusted to retroactively reflect each of the two-for-one Common Stock splits effected in the form of a stock dividend to stockholders of record as of the close of business on November 12, 2001, and on September 27, 2004. General With almost $3.4 billion in sales in fiscal 2004, Michaels Stores, Inc. (together with its subsidiaries, unless the context otherwise indicates) is the largest national arts and crafts specialty retailer providing materials, ideas, and education for creative activities. Michaels Stores, Inc. was incorporated in Delaware in 1983, and as of March 28, 2005, we operate 850 Michaels retail stores in 48 states, as well as in Canada, averaging 18,500 square feet of selling space.

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