Financial Update - Subsidiaries

VANTAGE AIRPORT GROUP

Vancouver Airport Authority created Vantage Airport Group (Vantage) in 1994 to market the expertise, operating philosophies and leading-edge systems developed at YVR. Vantage is jointly owned by Vancouver Airport Authority and Citi Infrastructure Investors (CII). Vantage’s portfolio consists of nine airports in five countries. Vancouver Airport Authority appoints four of eight seats to Vantage’s Board of Directors.

YVR PROJECT MANAGEMENT

A wholly owned subsidiary of Vancouver Airport Authority, YVR Project Management Ltd. (YVRPM) was established in 2005 to oversee major capital expansion projects at YVR. In 2014, the majority of YVRPM’s revenue was generated by its management of Airport Authority projects, as well as project management and construction of the McArthurGlen Designer Outlet Vancouver Airport.

VANCOUVER AIRPORT ENTERPRISES LTD. - TEMPLETON

Vancouver Airport Enterprises Ltd. – Templeton (VAEL – Templeton) is a wholly owned subsidiary of Vancouver Airport Authority established in 2012 to hold the Airport Authority’s 50 per cent share in the McArthurGlen Designer Outlet Vancouver Airport. The other 50 per cent of the Designer Outlet is held by McArthurGlen, a leading European outlet developer. In 2014, the Airport Authority contributed $11.4 million of equity to support construction of the Designer Outlet Centre, which is expected to open in 2015. The company incurred pre-opening marketing expenses but did not generate operating revenue. This resulted in a net loss, of which the Airport Authority’s portion was $208,000.

VANCOUVER AIRPORT PROPERTY MANAGEMENT LLP

Vancouver Airport Property Management LLP (VAPM) was established in 2014 and made two acquisitions of buildings and leasehold interests on Sea Island for total consideration of $45.1 million. These acquisitions were fully financed by a non-revolving demand facility which is non-recourse to the Airport Authority. A second partnership, Vancouver Airport Property Holdings LLP (“VAPH”) was also created in 2014, which is 99.9% owned by the Airport Authority and owns 99.9% of the partnership interest of VAPM.

VANCOUVER AIRPORT AUTHORITY (HONG KONG) LTD.

Vancouver Airport Authority (Hong Kong) Ltd. is the Airport Authority’s Asia office. The office was incorporated in Hong Kong as a wholly owned subsidiary to facilitate operations and compliance with local regulations.

Note: Information on subsidiaries’ contributions to Vancouver Airport Authority can be found in our financial statements, available via the links below.

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