Transat A.T. Inc. completes the redemption of all of its 9% Convertible Debentures

Montreal, Qc, Canada, April 26, 2005

Transat A.T. Inc. announces that today it completed the redemption of all of its 9% Convertible Unsecured Subordinated Debentures pursuant to the notice of redemption given to the debenture holders on March 24, 2005. Following the notice of redemption, the Corporation issued 5,755,198 shares as a result of the conversion of debentures pursuant to the provisions of the Indenture. In addition, the Debentures (TRZ.DB) were delisted from the Toronto Stock Exchange.

Taking into account the shares issued following the conversion of debentures, at the close of market today, Transat A.T. had 9,139,659 Class A Variable Voting Shares and 31,050,092 Class B Voting Shares issued and outstanding.

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.B; TRZ.RV.A).