Greater Toronto Airports Athority $2B Medium Term Note Program

On May 12, 2000, the Greater Toronto Airports Authority (GTAA), the operator of Toronto’s Lester B. Pearson International Airport, filed a prospectus supplement to a final short form shelf prospectus relating to the issuance of up to $2 billion of Medium Term Notes. The Medium Term Note program is integrated into the GTAA’s Capital Markets Platform, which permits the GTAA to do various types of financings based upon a common covenant pattern and the same form of security being available to all lenders. The proceeds from the sale of Medium Term Notes issued by the GTAA from time to time will be used to pay for portions of the GTAA’s “Airport Development Program” at the airport, including the design and construction of a new terminal building, a new parking garage and roadway, runway and taxiway improvement as well as repayment of bank indebtedness under the GTAA’s credit facility.

The GTAA relied upon Osler, Hoskin & Harcourt LLP’s team of Donald Ross and associates John Black and Bert Clark with tax advice from Andrew Kingissepp and associate John Leddy. The dealers, Nesbitt Burns Inc., CIBC World Markets Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Salomon Smith Barney Canada Inc., Scotia Capital Inc. and TD Securities Inc., were advised by the Davies, Ward & Beck team of Carol Pennycook, Jennifer Toone and John Zinn.