Transat A.T. Inc. Announces the Combination of Class A and Class B shares

MONTREAL, Nov. 11, 2015

The Class A variable voting shares currently trade on the TSX under the symbol "TRZ.A" and bear CUSIP number  89351T203. The Class B voting shares currently trade on the TSX under the symbol "TRZ.B" and bear CUSIP number 89351T302. As of November 16, 2015, each of the Class A variable voting shares and the Class B voting shares will trade on the TSX under a single ticker designated "TRZ", will bear CUSIP number 89351T401 and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Voting and Variable Voting Shares" of Transat.

This change, which will allow the demand and liquidity for both classes of shares on the TSX to be consolidated under a single ticker, is designed to improve the liquidity for the Class A variable voting shares which have historically had lower trading volumes.

The trading of the Class A variable voting shares and the Class B voting shares under a single ticker is limited solely to the administration of trading of the Transat shares on the TSX. This change does not involve any amendment to Transat's articles of incorporation, by-laws or share capital structure, nor to the terms and conditions or the voting and ownership restrictions attaching to the Class A variable voting shares and the Class B voting shares.

Pursuant to Transat's articles of incorporation, the Class A variable voting shares may only be held and controlled by non-Canadians, and the Class B voting shares may only be held and controlled by Canadians, and each class is automatically assigned based on the Canadian or non-Canadian status of their holder. If a non-Canadian acquires Transat shares on the TSX, such holder will automatically be assigned Class A variable voting shares. Similarly, if a Canadian acquires Transat shares on the TSX, such holder will automatically be assigned Class B voting shares.

The combination of trading under a single ticker on the TSX will not result in any changes to the voting procedures currently adopted by Transat for purposes of shareholder meetings, and shareholders who wish to vote at meetings (either by proxy or by attending the meeting in person) will continue to be required to complete a Declaration of Canadian Status in order to enable Transat to comply with the restrictions imposed by its articles and the Canada Transportation Act on the ownership and voting of its voting securities.

In addition to declarations obtained for the purposes of voting at shareholder meetings, through periodic surveys of its beneficial shareholders conducted by its transfer agent and CST Trust Company, Transat will continue to regularly monitor the number of its shares beneficially held and controlled by Canadians which represent Class B voting shares and the number of its shares beneficially held or controlled by non-Canadians which represent Class A variable voting shares.