Transat A.T. Inc. acquires the specialized tour operator Rêvatours

Montreal, March 5, 2001

Transat A.T. announces the acquisition of Rêvatours, a Quebec-based tour operator specialized in premier-quality guided tours in Asia, Eastern Europe, North Africa, Greece, and Turkey, for a cash consideration of $3,250,000.

“The acquisition of this tour operator specialized in upscale guided tours rounds out Transat’s product offerings and is a springboard for the corporation in this sought-after niche,” stated Jean-Marc Eustache, Chairman of the Board and President and Chief Executive Officer of Transat. In addition, the destinations offered by Rêvatours broaden the spectrum of those that Transat already offers its clientele. With revenues of $17 million in 2000, Rêvatours is a tour operator that is well established in Quebec. Its superior products are recognized by a loyal clientele.

Marianne Babouder and Martine Côté, co-directors and co-founders of Rêvatours, explain: “We believe that our knowledge of this particular niche is an advantage for Transat. Integration into the group gives us access to extensive expertise at all levels of the organization and distribution of travel products. We will continue to provide our customers with services tailored to their needs, and with products whose quality has never wavered in the 14 years of the company’s existence.”

“Transat’s national and international presence is a major asset for Rêvatours’ growth and development. Moreover, one of our objectives is to extend the tour operator’s products to the entire Canadian market,” added Mr. Eustache. “With the acquisition of Rêvatours, we will continue to build on our vertical integration strategy through synergy with other members of the Transat group, especially tour operators and travel agencies.”

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 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; Consultour, the travel-agency franchise network; 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 the tour operators Look Voyages (98%), World of Vacations (35%), and the incoming tour operator Jonview Canada (50%). 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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