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.