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Transat Completes Sale of French Subsidiary, Anyway

Montreal, October 31, 2003

Transat A.T. Inc. has completed the sale of its online agency Anyway (www.anyway.com) announced on October 27, 2003 to IAC/InterActiveCorp for an enterprise value of €53 million (CAD$81.6 million). Anyway will join IAC Travel, a division of IAC/InterActiveCorp that encompasses leading online travel brands including Expedia.com, Interval International, TV Travel Shop, Hotels.com and Hotwire.com.

Transat A.T. Inc., one of the leading leisure companies in the world and the leader in Canada, with its head office in Montreal, is an integrated company specializing in the organization, marketing and distribution of holiday travel. The core of its business is in Canada and France. Transat is also involved in air transportation, value-added services offered at travel destinations and distribution through travel agency networks. Transat is listed on the Toronto Stock Exchange (TSX:TRZ).

Forward-looking statements
This news release contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation.

For additional information with respect to these and other factors, see the Annual Information Form and Annual Report (Management Discussion and Analysis) filed with Canadian securities commissions. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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