GTAA Provides Information on Short-Term Investment Portfolio

    TORONTO, Aug. 23 /CNW/ - In light of recent uncertainty surrounding the
non-bank asset-backed commercial paper market, the Greater Toronto Airports
Authority (GTAA) wishes to advise of the status of its short-term investment
portfolio. The GTAA has approximately $1,050 million in cash and reserve and
operating, capital and financing funds. Approximately $249 million of this
amount is invested in asset-backed commercial paper held in trusts managed by,
among other managers, Coventree Capital Group Inc. The remaining $801 million
of the GTAA's cash reserves and funds is held in cash or is invested in other
highly rated, liquid investments which are not directly affected by the
current uncertainty in the asset-backed commercial paper market.
    All of the trusts in which the GTAA's investments in asset-backed
commercial paper are held have been rated R-1 (high) by Dominion Bond Rating
Service (DBRS), which is the highest possible rating for commercial paper and
a qualified investment under the terms of the GTAA's master trust indenture
which governs certain of the GTAA's reserve funds. The maturities of the
commercial paper held in these trusts range from August 28, 2007 to
September 25, 2007. The GTAA understands that certain of the trusts in which
the commercial paper is held have advised that they are currently unable to
repay the funds owing on maturity. The GTAA also understands that DBRS has
placed several of the trusts "Under Review with Developing Implications"
following the announcement on August 16, 2007 that a consortium representing
banks, asset providers and major investors had agreed in principle to a long
term proposal and interim agreement regarding third party asset-backed
commercial paper. The effect of this proposal would, among other things, be to
convert asset-backed commercial paper into term floating rate notes maturing
no earlier than the scheduled termination dates of the underlying assets.
    The GTAA is monitoring this situation closely, and is assessing its
alternative courses of action. The GTAA has sufficient liquidity to meet its
reserve requirements, and to fund its operating, capital and financing

    The GTAA is the non-share, not-for-profit authority that operates Toronto
Pearson. All revenue generated by the GTAA is reinvested back into the
airport. In 2006, 31 million passengers travelled through Toronto Pearson.

    Caution regarding forward-looking statements.

    This news release contains certain forward-looking statements, including,
without limitation, statements regarding the ability of the trusts in which
the GTAA's investments in asset-backed commercial paper are held to repay
funds owing on maturity, and the GTAA's liquidity position. By their nature,
forward looking statements require us to make assumptions and are subject to
inherent risks and uncertainties, including those assumptions, risks and
uncertainties which are detailed from time to time in our continuous
disclosure documents. There is a significant risk that predictions, forecasts,
conclusions and projections will not prove to be accurate, that our
assumptions may not be correct and that actual results may differ materially
from such predictions, forecasts, conclusions or projections. We caution
readers not to place undue reliance on the forward-looking statements as a
number of factors could cause results, conditions, actions or events to differ
materially from the targets, expectations, estimates or intentions expressed
in the forward-looking statements.

For further information:

For further information: Scott Armstrong, Manager, Media Relations,
(416) 776-3709

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