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Solidarity Fund QFL and Transat A.T. Inc. sign unsecured financing agreement

Montreal, December 18, 2008

Transat A.T. Inc. and the Solidarity Fund QFL have signed an unsecured financing agreement under which the Solidarity Fund QFL will provide a maximum credit facility of $60 million.

“This agreement with a longstanding Transat partner is first and foremost a precautionary measure that will strengthen our ability to continue growing in tune with changing market conditions,” said François Laurin, Transat’s Vice-President, Finance and Administration and Chief Financial Officer.

"We're proud to continue this partnership with one of Québec's foremost companies. This agreement is in line with the Fund's philosophy of providing complementary financing, investing with a long-term view and backing companies through all the stages of their development, said Gaétan Morin, Executive Vice President, Investment, at the Solidarity Fund QFL.

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, accommodation, destination services and distribution. (TSX: TRZ.B, TRZ.A)

About the Solidarity Fund QFL 
With net assets of $7.3 billion as at May 31, 2008, the Solidarity Fund QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,881 companies. It currently has more than 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 126,000 jobs. For more information, visit www.fondsftq.com.

Caution regarding forward-looking statements

This news release contains certain forward-looking statements regarding the Corporation’s expectation that the assumptions used in the valuation of the ABCP securities will materialize and that revenues will be higher and its margin lower compared with the previous year. In making these statements, the Corporation has assumed that the trends in reservations will continue throughout the remainder of the season and that margins (EBITDA) in dollar terms will be impacted by the competitive environment and the economic slowdown. If these assumptions prove incorrect, actual results and developments may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially from those contemplated also include, but are not limited to, general economic conditions, energy prices, competition, extreme weather conditions, disease outbreaks, armed conflicts, terrorist attacks, 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 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 for the year ended October 31, 2007, 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.


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