BREAKING – Quebec Tribunal Backs Transat Application

In a majority decision, Quebec’s Tribunal administratif des marchés financiers (Québec) has accepted Transat’s application to cease trade the offer made by Groupe Mach Acquisition Inc. (“Mach”) on Aug. 2, 2019 to acquire 6.9 million Class B voting shares of Transat (the “Scheme”). The decision takes effect immediately.

As a result, Mach is not allowed to acquire any shares under its Scheme and is expected to return promptly to shareholders any shares already deposited by them to Mach under its scheme. Mach is also forbidden from using any proxies associated with shares deposited under the Scheme.

Transat’s board of directors (the “Board”) and the special committee of the Board (the “Special Committee”), supported by their financial and legal advisors, reiterate their unanimous recommendation that the Arrangement with Air Canada is in the best interest of Transat and its stakeholders and is fair to Transat shareholders, and unanimously recommend that shareholders:

Vote FOR the special resolution approving the Arrangement with Air Canada

A special meeting of shareholders (the “Meeting”) will be held at 10 a.m. On Fri., Aug. 23, 2019 at the Sofitel Montréal Hotel located at 1155 Sherbrooke Street West, Montréal, Quebec, in accordance with the terms of an interim order of the Québec Superior Court obtained on July 17, 2019. At the Meeting, shareholders will be asked to consider and vote on the special resolution approving the Arrangement with Air Canada.

The Board encourages all shareholders to vote well in advance of the proxy cut-off time of 5 p.m.(Montréal time) on Aug. 21, 2019.