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GREATER TORONTO AIRPORTS AUTHORITY

The Greater Toronto Airports Authority (GTAA) is encouraged at today's announcement that the Government of Canada has released a consultation document supporting a new international air transportation policy.

The GTAA has long been a supporter of updating the policy, which should allow for a more competitive aviation industry in Canada. Steve Shaw, Vice President, Corporate Affairs said today "The government's move to begin the process of easing regulations and allowing for more effective route development will offer airlines and passengers more choice."

Changes to this policy will allow airports to more aggressively market their regions in the aviation industry. Airports, airlines and customers will benefit as more modern policies are put in place and the resulting economic benefits are realized.

While the GTAA is encouraged by Transport Canada's announcement, the business of airport rent remains outstanding. In order for Toronto Pearson to increase its competitiveness in the global system of airports, a decrease in federal rent paid each year is necessary. The GTAA is hopeful that an announcement on the rent issue is forthcoming from the Government of Canada.

The GTAA manages and operates Toronto Pearson on a break-even basis. Costs (including airport rent) are covered through non-aeronautical revenue, landing fees and airport improvement fees. Toronto Pearson handled 29.9 million passengers in 2005.