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GTAA ANNUAL REPORT 2020 The past year has been a powerful reminder that the health of people, communities, economies and the planet are all connected. As we realize our Healthy Airport commitment, Toronto Pearson is not only creating a safe, healthy airport experience for passengers and employees, we’re also striving to connect people and economies in ways that expand opportunity and build shared resilience. 4 9 19 LETTERS TO HEALTHY HEALTHY SHAREHOLDERS AIRPORT WORKFORCE 25 32 39 HEALTHY HEALTHY HEALTHY BUSINESS ECONOMY COMMUNITIES 44 66 74 SUSTAINABILITY CORPORATE MD&A AND APPROACH AND GOVERNANCE FINANCIALS PERFORMANCE 137 GRI, SASB AND TCFD INDEX FORWARD-LOOKING INFORMATION This document contains certain forward-looking information. Please refer to the section titled “Caution Regarding Forward-Looking Information” contained at the end of Management’s Discussion and Analysis for a discussion of the risks and uncertainties and the material factors and assumptions related to forward-looking information. 2 GTAA ANNUAL REPORT 2020 Letters to Shareholders Healthy Airport Healthy Workforce Healthy Business Healthy Economy Healthy Communities Sustainability Corporate Governance MD&A and Financials GRI HEALTHY AIRPORT Redefining the standards for hygiene and cleaning. Accelerating innovation through technology partnerships. Rethinking the flow of people and processes. Leading the aviation sector in creating a healthy airport experience for passengers and employees. All to create a safer, healthier and more sustainable way of connecting Canada to the world. HEALTHY HEALTHY WORKFORCE BUSINESS We’re committed to protecting and sustaining the We’re transforming every area of operations well-being of everyone who works at Toronto Pearson. at Toronto Pearson, adopting new ways of working Not only GTAA employees, but tens of thousands of that are nimble, collaborative, outcome-focused, colleagues in nearly 400 organizations who support driven by analytics – and above all, highly innovative, our passengers and operate our facilities. challenging every assumption. § Rapid workplace COVID testing § Creating integrated § Health-promotion technologies cross-functional teams § Addressing pandemic-related § Adding revenue streams, such as mental health issues enhancing existing cargo infrastructure § Helping impacted aviation § Expanding digitally enabled services workers seek new opportunities § Reinforcing financial resilience HEALTHY HEALTHY ECONOMY COMMUNITIES Toronto Pearson is a vital engine of job We connect Pearson’s neighbours to the world, creation, economic activity and investment. strengthening social and economic links and As we build and execute our recovery plan, we’re providing access to essential goods such as food, working with business, government and community medicine and technology. Partnering with diverse partners to drive renewal and growth across the stakeholders, we’re helping build more equitable regional and national economies. and sustainable communities. § Forging valuable innovation partnerships § Addressing social inequity and injustice § Rebuilding region with business § Investing to reduce underemployment and industry partners § Partnering on environmental initiatives § Promoting transit connectivity § Fostering community dialogue via § Advancing the Airport Employment Zone new channels 3 GTAA ANNUAL REPORT 2020 Letters to Shareholders Healthy Airport Healthy Workforce Healthy Business Healthy Economy Healthy Communities Sustainability Corporate Governance MD&A and Financials GRI MESSAGE FROM THE BOARD CHAIR HEALTHY FUTURE As the impact of the 2020 pandemic grew rapidly from a services – and our shared commitment to delivering a great passenger experience. serious public health threat to a global economic crisis, it disrupted every aspect of Canadians’ lives: our personal well- This difficult year was particularly hard on GTAA employees, and indeed on everyone being, our livelihoods and business activities, and our ability to working at Toronto Pearson. As we sought stay connected to the people we care about. Toronto Pearson solutions that took into account the priorities and concerns of our workforce, plays a critical role in maintaining those connections, across we collaborated closely with the airport’s Canada and around the globe. But even though our airport has unions – directly and via the Toronto Airport Workers Council. And when it became clear comprehensive response plans for every kind of emergency, the that despite our best efforts the GTAA scale of disruption from COVID-19 was unlike anything we’d ever would have to be restructured, the open and faced before. respectful relationship we’ve built with our union leaders again proved invaluable. On behalf of the Board of Directors, I want search for innovative solutions to complex Equally vital to ensuring our financial to thank the employees of the GTAA – and problems. Together, we’re turning a difficult sustainability is support from governments. the entire Toronto Pearson workforce – for challenge into a catalyst for change as we We’re grateful to the Government of Canada the energy, focus and determination you’ve reinvent our airport, rebuild the aviation for providing temporary rent relief under our brought to confronting the pandemic and sector and help to fuel Canada’s economic Ground Lease agreement and the Canada its consequences. Your collective efforts recovery. Emergency Wage Subsidy program. We also have protected passengers, your co-workers appreciate the support we’ve received from and our nearby communities, even as we’ve ENSURING FINANCIAL the Government of Ontario, particularly in had to dramatically scale back operations SUSTAINABILITY our collaborations on COVID-19 testing and because of the temporary decline in Faced with a steep reduction in passenger other public health programs at Toronto air travel. traffic, the GTAA management team moved Pearson. Moving forward, we’ll continue I’d also like to express our gratitude to the quickly to review operating processes and working closely with all governments – many partners of the GTAA – including all look for cost-efficiencies throughout. They federal, provincial, regional and municipal – levels of government, businesses large and also renegotiated agreements with Toronto on initiatives to benefit the travelling public, small, labour organizations, public service Pearson’s primary carriers, balancing the create jobs and drive economic growth. agencies and diverse stakeholder groups – airlines’ financial obligations with our need to who have worked alongside us in the continue investing in enhanced facilities and 4 GTAA ANNUAL REPORT 2020 GRI: 102-14, 102-15 Letters to Shareholders Healthy Airport Healthy Workforce Healthy Business Healthy Economy Healthy Communities Sustainability Corporate Governance MD&A and Financials GRI MESSAGE FROM THE BOARD CHAIR EVOLVING AN ESG FRAMEWORK Even as we address the impacts of the pandemic, the GTAA remains focused On behalf of the Board of Directors, I want to on the longer-term challenges to global sustainability – foremost among them thank the employees of the GTAA – and the entire climate change, which is an urgent Toronto Pearson workforce – for the energy, focus concern for our stakeholders, as it is for all and determination you’ve brought to confronting Canadians. We’ve joined a growing number of responsible enterprises in exploring the pandemic and its consequences. Your collective how best to weigh environmental, social efforts have protected passengers, your co-workers and governance (ESG) factors – not only in assessing risk (which in our case already and our nearby communities, even as we’ve had to considers ESG issues), but in our strategic dramatically scale back operations because of the planning and how we prioritize investments. temporary decline in air travel. The ultimate goal is a comprehensive ESG framework that will guide all aspects of management decision-making. As a critical component of that framework, in the fall of 2020 we unveiled a robust in the past year. These partnerships will be for managing our facilities and enhancing Environmental Sustainability Strategy more important than ever as we extend passenger services. And we’re exploring that maps out specific initiatives for our business recovery efforts into Pearson’s ways to further diversify our business and the next several years. After posting the surrounding communities, removing barriers develop added sources of revenue, notably draft document online, we invited GTAA to employment by supporting training and by expanding our air cargo capabilities. stakeholders to contribute their ideas and development opportunities. DRIVING ECONOMIC RECOVERY comments. We’re now incorporating their RETHINKING AIR TRAVEL helpful feedback and expect to share the final The COVID-19 pandemic has had a severe version of our strategy with the public later Moving forward, our focus at the GTAA impact on our airport and the entire in 2021. In the meantime, as confirmation will be on finding new and better ways aviation sector, with economic and financial that our efforts are on track, we were pleased to deliver a safe, comfortable travel consequences that we’ll be wrestling with to receive the 2020 ACI-NA Environmental experience, sustainably and cost-efficiently. for some time. But this crisis has also given Management Award from Airports Council As the operator of Canada’s principal global us an opportunity to make a strategic pivot, International in recognition of our “20/2020”

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