Transat A.T. inc. acquires Jonview Corporation, Canada’s largest incoming tour operator

Montreal, November 13, 2000

Transat A.T. inc. announces the acquisition of Jonview Corporation, Canada’s largest incoming tour operator, subject to regulatory approvals.

“Jonview Corporation has a well-established European presence and brings some 200,000 foreign tourists to Canada every year,” said Jean-Marc Eustache, Transat’s Chairman and President and Chief Executive Officer. “It has sales of some $100 million. This acquisition will make us Canada’s leading incoming tour operator. It fits perfectly with our growth strategy based on vertical integration and improving our presence in Europe.”

The transaction will be conducted in two stages. First, Transat is acquiring a 50% participation in Jonview for a fixed cash consideration. In 2004, Transat will acquire the other half of the company for a purchase price in cash to be based on Jonview’s results. The transaction will be completed in the coming weeks.

Building its growth on a range of tour packages and leading-edge systems, Jonview has carved a solid market position in Europe, Latin America and Asia, with the result that its operations are now a very good fit with Transat’s.

“Canada is one of the world’s most popular tourist destinations and we will build on Jonview’s expertise and market position to accelerate our growth, particularly because of the synergies with DMC Transat, our other incoming tour operator, and Air Transat,” added Mr. Eustache.

For his part, John Proctor, Chairman and CEO of Jonview Corporation, explained: “We are an inbound tour operator completely focused on Canada and our customers are amongst the world’s most significant tour operators. The most important players of the Canadian tourism scene are our suppliers-partners. In Transat, we have found a partner that will help our company grow while we continue to serve our existing customers, especially through our B2B Internet tools.”

With offices in Montréal, Toronto and Vancouver, Jonview provides Canada-bound tourism services to many international tour operators, particularly in Europe, Latin America and Asia. For fiscal 2000, Jonview will post sales of some $100 million and will serve more than 200,000 customers.

Transat A.T. Inc., the leader in the Canadian travel and tourism industry, is a public corporation listed on the Toronto Stock Exchange. Through its subsidiaries and affiliates, it is involved in all aspects of the organization and distribution of travel services and air transportation.

Its wholly-owned subsidiaries are: the airline Air Transat, tour operators Air Transat Holidays (Montreal, Quebec City, Toronto, Vancouver and Fort Lauderdale), Vacances Air Transat (France), Brok’Air/Anyway (France), Voyages Nolitour (Montreal), Regent Holidays (Toronto), the Tourbec travel agency chain, the Consultour/Club Voyages travel agency network, Handlex, an airport handling services company, Exit Travel, which specializes in retail e-commerce, and the hotel management company Cameleon.

Transat A.T. Inc. holds interests in tour operators Look Voyages (98%) and World of Vacations (35%). As well, Vacances Air Transat holds a 66.7% interest in the incoming tour operator DMC Transat, and Look Voyages owns 49.6% of STAR Airlines.

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