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Press release

September 25, 2019

TORONTO, CANADA – The Greater Toronto Airports Authority (the “GTAA”) announced today that it has exercised its right to redeem all $300 million of the outstanding Series 2016-1 Medium Term Notes (the "Bonds") on October 25, 2019 (the "redemption date").

The redemption price, determined in accordance with the provisions of the Master Trust Indenture dated December 2, 1997, the Fourteenth Supplemental Indenture dated February 11, 2014 and Pricing Supplement No. 1 dated February 9, 2016, will be calculated on October 22, 2019. The redemption price, together with accrued interest will be paid on the redemption date.

Notice of redemption was delivered today to CDS Clearing and Depository Services Inc. ("CDS") and the trustee, BNY Trust Company of Canada. Non-registered holders, (banks, brokerage firms or other financial institutions) who maintain their interests in the Bonds through CDS, should contact their CDS customer service representative with any questions about the redemption. Alternatively, beneficial holders with any questions about the redemption should contact their representative brokerage firm or financial institution, which holds interests in the Bonds on their behalf.

The GTAA is the operator of Toronto Pearson International Airport (Toronto Pearson). With 49.5 million passengers in 2018, Toronto Pearson is Canada's largest airport, and North America’s second largest international passenger airport as measured by the total number of annual international passengers. Toronto Pearson is a hub for the movement of people and goods across Canada, the continent and around the globe. The focus of the GTAA continues to be on growing Toronto Pearson's status as an international gateway: enhancing the customer experience, safety, security, the success of our airline partners and the economies of the region, the province and Canada.

Contact: GTAA Media Office (416) 776-3709

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