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Transat A.T. Inc. responds to JANA Partners LLC

Montréal, Qc, Canada, le 11 novembre 2004

Responding to a public statement issued by JANA Partners LLC today, Jean-Marc Eustache, Chairman and CEO of Transat A.T. Inc., said: "Transat's board of directors and management have always been focused on optimizing the Company's capital structure, and they continue to do so actively in the best interest of the Company and of all shareholders taken as a whole. Transat has significant amounts of cash on hand and, as previously disclosed, the Company is looking at a series of options. In doing so, the Company has retained the services of BMO Nesbitt Burns as financial advisor."

During a September 9, 2004, conference call to discuss its third-quarter results, Transat said it expects to disclose a plan related to the use of its cash in January 2005.

Transat A.T. Inc., 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 consists of tour operators in Canada and France. Transat is also involved in air transportation, value-added services at travel destinations, as well as in distribution through travel agency networks. Transat is listed on the Toronto Stock Exchange (TSE:TRZ).

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