Transat A.T. Inc. completes transaction to acquire a 50% interest in Jonview Corporation

Montreal, January 31, 2001

Transat A.T. Inc. has completed the transaction to acquire 50% of the shares of Jonview Corporation, the leading incoming tour operator in Canada, and will acquire the balance of the corporation’s shares in 2004.

'This acquisition will make us the leading incoming tour operator in Canada,' stated Jean-Marc Eustache, Chairman of the Board and President and Chief Executive Officer of Transat. 'It fits in perfectly with our corporate strategy, which is based on vertical integration and heightening our presence in Europe and elsewhere in the world.'

With offices in Montreal, Toronto, and Vancouver, Jonview provides Canada-bound tourism services to many international tour operators, particularly in Europe, Latin America, and Asia. In 2000, Jonview recorded revenues of $100 million and served more than 200,000 customers.

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

Air Transat is an air carrier and is a wholly owned subsidiary, as are Air Transat Holidays (Montreal, Quebec City, Toronto, Vancouver, and Fort Lauderdale), Vacances Air Transat (France), Brok’Air (France), Voyages Nolitour (Montreal), Regent Holidays (Toronto), and Americanada Tours International (Montreal), which are tour operators; Tourbec, a travel agency chain; the Consultour/Club Voyages agency networks; Handlex, an airport service handling company; Exit Travel and Anyway, in retail e-commerce; and Cameleon, a hotel management company.

Transat A.T. Inc. holds an interest in tour operators Look Voyages (99%) and World of Vacations (35%). In addition, Air Transat Holidays holds an interest in the incoming tour operator DMC Transat (66.7%), and Look Voyages holds an interest in Star Airlines (49.6%).

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