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Transat A.T. Inc. and National Bank of Canada increase credit facilities in advance of the restructuring of the Asset-Backed Commercial Paper market

Montreal, November 7, 2008

Transat A.T. Inc. (“Transat”) and National Bank of Canada (“NBC”) have entered into documentation increasing the credit facilities currently available to Transat to $193.4 million, pending the coming into force of the Asset-Backed Commercial Paper (“ABCP”) market restructuring plan.

A new, $107-million credit facility, previously announced in June 2008, will be finalized when the ABCP restructuring plan come into force. Transat credit facilities will then total an aggregate $264 million.

“Given the current financial market conditions and until the coming into force of the ABCP restructuring plan, this agreement represents a precautionary measure” said François Laurin, Vice-President, Finance and Administration and Chief Financial Officer of Transat A.T. Inc.


Caution regarding forward-looking statements
This news release may contain forward-looking statements regarding, without limitations, the Corporation’s financial, operational and regulatory obligations, and the risks related to the repayment of asset-backed commercial paper held by the company. Factors that could lead actual results to differ materially from those contemplated by the forward-looking statements also include general economic conditions, competition, extreme weather conditions, disease outbreaks, war, terrorism, and other risks detailed from time to time in the Corporation’s continuous disclosure documents.

These forward-looking statements, by their nature, necessarily involve risks and uncertainties, many of which are beyond the Corporation's control, 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 may affect the Corporation. For additional information with respect to these and other factors, see the Annual Information Form and Annual Report for the year ended October 31, 2006, 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, other than as required by law.

About Transat
Transat A.T. Inc. is an integrated international tour operator with more than 60 destination countries and that distributes products in over 50 countries. A holiday travel specialist, Transat operates mainly in Canada and Europe, as well as in the Caribbean, Mexico and the Mediterranean Basin. Montreal-based Transat is also active in air transportation, destination services and distribution (TSX: TRZ.B, TRZ.A).


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