Transat A.T. Inc. today announced that its Board of Directors has authorized an offer to repurchase for cancellation up to $125 million of its Class A Variable Voting Shares and Class B Voting Shares, at a purchase price of not less than $17.50 per share and not more than $20.00 per share. This represents up to 7,142,857 of these shares or 18% of the Corporation’s 40,156,450 total issued and outstanding Class A Variable Voting Shares and Class B Voting Shares.

The purchase price will be determined pursuant to a Dutch auction tender procedure. This will allow shareholders to select the price within the specified range at which each shareholder is willing to sell to the Corporation all or a portion of the shares he or she owns. Upon expiration of the offer, the Corporation will select the lowest purchase price that will allow it to buy up to $125 million of shares. If more than the maximum number of shares to be purchased is tendered, purchases will be made on a pro rata basis from shareholders tendering at or below the purchase price. All shares purchased by the Corporation will be purchased at the same price, even if shareholders have selected a lower price. However, the Corporation will not buy any shares above the determined purchase price. The offer, which is subject to regulatory approval, will expire at 5:00 p.m. (Montreal time) on December 22, 2005, unless withdrawn or extended by the Corporation.

Shareholders should contact their brokers or investment advisors in advance of such time in order to allow sufficient time for their instructions to be validly executed. The normal course issuer bid scheduled to expire on June 14, 2006 will be suspended during the tendering period of this new share repurchase offer.

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).

This news release contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation. The information contained herein is dated as of November 14, 2004. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.