AIR TRANSAT FLIGHT TS236 SETTLEMENT : CLARIFICATION - Air Transat insurers to compensate passengers - The agreement brings an end to the class action proceedings, subject to court approval

Montreal, Qc, Canada, March 2, 2005

Air Transat is satisfied with the agreement negotiated between its insurers and the counsel for passengers of Flight TS236. Let us recall that neither Air Transat nor its mother company, Transat A.T. Inc., will incur any costs as a consequence of this settlement, which brings an end to the class action lawsuit initiated in 2001, subject to court approval in April. “This agreement brings the TS236 file to a close and has no financial impact on Air Transat,” declared Allen B. Graham, President and Chief Executive Officer of Air Transat.

The $7.65 million settlement reached yesterday applies to the cases of 175 passengers, the 118 others having already settled their cases out of court. Reports that Air Transat made an offer of $8,800 per passenger are incorrect. Moreover, negotiations have been led by the insurers from the beginning. The compensation offered to passengers varies on a case per case basis and is strictly confidential. Finally, it should also be noted that a significant portion of the settlement agreement applies to administrative expenses as well as legal fees for the passengers’ counsel.

About Air Transat
Air Transat offers departures from Canada to some 90 destinations in 25 countries. With a fleet of 14 aircraft, the airline is Canada's leading vacation charter carrier. Air Transat is a member of Transat A.T. Inc., an integrated company specializing in the organization, marketing, and distribution of holiday travel.

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