GTAA Reports 2011 Third Quarter Results

The Greater Toronto Airports Authority (the "GTAA") reported its financial and operating results for the nine‐month period ending September 30, 2011. The third quarter of 2011 saw a continuation of the strong operating and financial results experienced in 2010 and in the first half of 2011. Overall, the GTAA saw an increase in revenues, a reduction in operating expenses and an improvement in terms of net results for the third quarter, when compared to the third quarter of 2010.

For the nine‐month period ended September 30, 2011, the GTAA reported total revenues of $866.5 million, a $24.1 million increase over the same period in 2010. Total operating expenses were $518.8 million, a reduction of $1.2 million when compared to the first nine months of 2010. Earnings before interest and financing costs were $347.7 million for the period. After accounting for interest and financing costs, the GTAA recorded a net loss of $0.9 million for the nine months ended September 30, 2011, compared to a net loss of $1.5 million in the comparable 2010 period.

During the three‐month period ended September 30, 2011, the GTAA recorded total revenues of $307.7 million, an increase of $4.6 million over the same period in 2010. Total operating expenses were $172.9 million, as compared to $172.4 million for the same period in 2010. Earnings before interest and financing costs were $134.8 million for the period. After accounting for interest and financing costs, the GTAA recorded net income of $28.7 million in the third quarter of 2011, compared to a net income of $25.6 million for the same 2010 period.

A total of 25.7 million passengers travelled through Toronto Pearson International Airport in the first nine months of 2011, a 5.5 per cent increase compared to the same period in 2010. There was a continuation of 2010’s strong growth in passenger activity in the transborder and international sectors with increases of 5.6 per cent and 8.6 per cent, respectively, when compared to the nine‐month period ending September 30, 2010. Passenger activity in the domestic traffic segment increased by 2.7 per cent during the first nine months of 2011, as compared to the first nine months of 2010.

The September 30, 2011 financial results of the GTAA are discussed in more detail in the Financial Statements and Notes of the GTAA for the periods ended September 30, 2011 and 2010 and Management’s Discussion and Analysis for the quarter ended September 30, 2011, which are available at www.torontopearson.com and on the Canadian Securities Administrators’ website at www.sedar.com.

Effective January 1, 2011 the GTAA adopted International Financial Reporting Standards ("IFRS"). The Financial Statements and Notes and Management's Discussion and Analysis for each of the quarterly periods in 2011 contain important information on the impact of the transition to IFRS.

The GTAA is the operator of Toronto Pearson International Airport, Canada's largest airport and one of North America’s largest in terms of passenger and air cargo traffic. In 2010, Toronto Pearson handled 31.9 million passengers. In June 2011, Toronto Pearson introduced a new brand identity to announce its renewed commitment to customer service and a focus on becoming North America’s leading international gateway. To help illustrate this commitment travellers will see a new Toronto Pearson logo featuring a new colour scheme and the slogan: "For You. The World." The brand focuses on Toronto Pearson, the public‐facing aspect of the GTAA's business, and represents the qualities that the GTAA and the Airport will need to deliver to meet the expectations of our air carrier and passenger customers and in turn meet the GTAA's strategic objectives.

Contact: GTAA Media Office (416) 776‐3709