Transat A.T. Inc. Continues to Update its Non-Canadian Ownership Level

Montréal, Qc, Canada, January 21, 2005

Transat A.T. Inc., which owns 100% of air carrier Air Transat A.T. Inc., advises that, as of the close of market on January 18, 2005, the non-Canadian ownership level of Transat common shares was approximately 22.14%. This represents a net increase of 373 197 common shares or a 1.08 % increase in non-Canadian ownership of Transat’s common shares since our last press release dated December 23, 2004.

As stated in previous press releases, Transat intends to issue press releases promptly following any incremental increase or decrease of non-Canadian ownership of one per cent or more of its outstanding common shares for so long as non-Canadian ownership is in the aggregate in excess of 20% of outstanding common shares.

Transat A.T. Inc., with its head office in Montreal, is an integrated company specializing in the organization, marketing, and distribution of holiday travel. The core of its business consists of tour operators in Canada and France. Transat is also involved in air transportation, value-added services at travel destinations, as well as in distribution through travel agency networks. Transat is listed on the Toronto Stock Exchange (TSX:TRZ).