Clarifications

Warning concerning information circulating on the Web

Transat wishes to advise the media that it in no way ensures the accuracy and completeness of information circulating on the Web about the company, including its business units, particularly on sites such as Wikipedia. The way these sites are operated, as well as the multitude of people able to change their content, have led, and will continue to lead, to information quality problems. Transat posts background information on its own website and has a media service available for journalists.

Following are clarifications that Transat considers to be important. It should not be assumed, however, that an article or report that does not appear in this section contains only accurate information and the company makes no commitment to correct all inaccuracies.

2013-09-13 - Inaccurate information in a Canadian Press piece

Transat released its financial results for the third quarter 2013 on September 12. On the same day, the Company held a conference call for financial analysts and the media. Contrary to what the Canadian Press reported, Transat did not indicate during the call that it intended to reduce capacity on sun destinations in the winter 2014. The inaccuracy was repeated in several major media.

2013-02-27 - Clarification regarding a February 26, 2013, editorial in Tourmag

Following an editorial written by Dominique Gobert in Tourmag, Transat wishes to clarify the facts surrounding the compensation paid to its President.

The basic salary of Jean-Marc Eustache, founder, President and CEO of Transat, for 2011, 2012 and 2013 was in fact frozen at $822,000 for these three years, contrary to what Mr. Gobert’s article implies.

The figures disclosed publicly by Transat in its annual proxy are based on the Company’s fiscal year (November 1 to October 31), while salaries are adjusted in line with the calendar year (January 1 to December 31). This is the basis of the erroneous perception that may be drawn from the proxy.

As for the amount mentioned as total compensation, which includes, among others, the value attributed to stock options, it must be understood that this is potential compensation, which will only be realized if certain future conditions are met, including the attainment of profitability objectives. This kind of arrangement is obviously very common in publicly traded companies. Mr. Gobert also seems to attribute statements to Mr. Eustache that we are unable to verify.

2013-02-13 - Clarification on an article in Le Soleil of February 13

In an article published on February 13, 2013, Le Soleil says that Transat’s decision to slightly reduce its capacity to sun destinations was the main factor behind the results of the fourth quarter, ended October 31, 2012, for which the Company recorded a net income of $16.6 million. In the summer, including in August, September and October, Transat’s results depend first and foremost on the conditions prevailing on the transatlantic market. As indicated in our release of December 19, 2012, higher prices and load factors on the Canada-Europe market are the main factor explaining the increase in margin. In addition, it should be noted that we do not endorse the numbers of Le Soleil in terms of market shares.

2013-02-12 - Clarification on an article in Le Devoir of February 12, 2013, regarding CanJet Airlines

In its February 12 edition, Le Devoir alludes to a contract between Air Transat and CanJet Airlines. Transat wishes to make clear that CanJet Airlines is under contract from Transat’s main Canadian business unit, Transat Tours Canada (which operates under the Nolitours and Transat Holidays brands), not Air Transat. There is no contract between CanJet Airlines and Air Transat. In addition, the article alludes to the profitability of Air Transat; it should have said Transat.

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