Despite the challenging world economic situation, Aéroport de Quebec inc. (hereafter the Quebec City Airport) continued its growth and development in 2009.

While there was a slowdown in domestic traffic, the remarkable growth in transborder and international flights helped us reach an all-time record of 1,035,000 passengers.

New connecting routes have been added, including a daily United Airlines flight to Chicago, six weekly connections to sun destinations (Sunwing, Transat, and Canjet), three new Porter Airlines flights to Toronto City Center, and new Transat flights to Bordeaux and Marseille, which will be available in 2010. Furthermore, in early 2010, United Airlines announced a daily flight to Washington starting June 10, 2010.

While there was a slowdown in domestic traffic, the remarkable growth in transborder and international flights helped us reach an all-time record of 1,035,000 passengers.

The 2009 year ended with an excess of revenues over expenses of $4,328,171.

This team success is the result of the unwavering trust of an ever-increasing number of passengers. We would like to take this opportunity to sincerely thank you: You are the reason we strive so hard day in and day out, and it is truly a privilege to serve you.

The steady increase in passenger traffic clearly attests to the success of our development initiatives. It speaks to the attractiveness of our new airport terminal—an extremely promising investment—and confirms the foresight of the governments of Canada and Quebec and the local business community, who all supported the modernization project. This was indeed an excellent opportunity to create value, drive growth, and support economic development throughout the region.

Today our modern, efficient, and state-of-the-art facilities help attract and retain carriers, to the great benefit of our clientele. More than ever, Quebec City Jean Lesage International Airport has become a major gateway and a center of vitality and growth.

Our success is a reflection of the commitment, professionalism, and thoroughness of our staff, who translate this promise every day into a unique airport experience. It is also driven by the motto that underlies our team’s every action: “Passenger first.” In the coming years we plan to respond to increased traffic, satisfy higher expectations, and continue to build the future of our organization for the benefit of the community.

This success is also the result of the vision, hard work, and commitment of our board of directors, and we would like to acknowledge their important contribution.

We have our sights set on a number of promising projects for the next five years, notably the expansion of the international arrivals area, the addition of a pre-clearance facility for U.S. flights, improvements to taxiways, construction of a maintenance center and a multi-story parking lot, installation of a de-icing center, and construction of a hotel. The entire team is already hard at work to ensure the success of these projects.

Our growth prospects look promising, with traffic expected to reach 1.5 million passengers by 2015, and nearly 2 million by 2020.

All of these factors have justified our efforts to enhance the corporation’s management, including talented new resources who will ensure the future development and growth of the Quebec City Airport. We are not content simply to expand our team; we want to make sure it has the skills required to position us effectively to take on the challenges that await us further down the road.

Our target objectives:

• Maintain and develop sound governance programs
• Adapt our structures to keep up with growth
• Establish and implement a succession plan
• Draw up human resources development programs to enhance skill quality and diversity
• Secure the means to carry out our capitalization plan to maintain capacity, ensure service quality, and be able to meet demand and expectations

In 2010 we will mark the 10th anniversary of the Quebec City Airport’s privatization. It will be a perfect opportunity to take stock of and celebrate our achievements, and to look to the future. It will also be a chance to renew our commitment to our passengers and our region.