Mr. Neil Forster reports

MARTINREA INTERNATIONAL INC. ANNOUNCES TSX APPROVAL OF NORMAL COURSE ISSUER BID

Martinrea International Inc. has filed with the Toronto Stock Exchange, and the TSX has accepted, its notice of intention to make a normal course issuer bid (NCIB). Pursuant to the NCIB, Martinrea is entitled to purchase for cancellation up to 6,435,000 common shares over a 12-month period, representing approximately 10 per cent of the public float of the shares currently outstanding.

The NCIB will commence on May 2, 2024, and terminate on May 1, 2025, or such earlier date on which purchases under the NCIB have been completed. Purchases of shares under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems at the market price of the shares at the time of acquisition and may include block purchases. The average daily trading volume of the shares on the TSX for the last relevant six-month period (October, 2023, through March, 2024) is 171,554 shares. The maximum number of shares that may be purchased on a daily basis, subject to any approved exceptions, will be 42,888 shares. Shares purchased under the NCIB will be cancelled. As at April 26, 2024, the current number of issued and outstanding common shares outstanding is 76,740,240.

The company may enter into a predefined automatic securities purchase plan with its broker to allow for the repurchase of shares at times when the company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into will be adopted in accordance with applicable Canadian securities laws. Outside of the restricted periods, the timing of purchases will be determined by management of the company.

During the past 12 months, Martinrea was authorized to repurchase up to five million shares under a normal course issuer bid that commenced on April 4, 2023, and terminated on April 3, 2024. Martinrea purchased 3,671,855 shares for cancellation under the prior bid at a weighted average price of approximately $12.38. The prior bid purchases were made on the open market through the facilities of the TSX and/or alternative Canadian trading systems. The company did not make purchases during designated blackout periods or during periods that the UAW (United Auto Workers) was on strike with OEMs (original equipment manufacturers) in the United States.

The company believes that the shares may from time to time trade in a price range that does not adequately reflect the value of the shares in relation to the company's activities and future prospects. As a result, the company believes that the purchase of shares, from time to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.

About Martinrea International Inc.

Martinrea International is a leader in the development and production of quality metal parts, assemblies and modules, fluid management systems, and complex aluminum products focused primarily on the automotive sector. Martinrea currently operates in 56 locations in Canada, the U.S., Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa and Japan. Martinrea's vision is making lives better by being the best supplier it can be in the products it makes and the services it provides.

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