Clarification regarding an article in Finance et Investissement magazine of May 28, 2014

2014-07-01

Following an article in Finance et Investissement magazine written by Richard Cloutier, Transat wishes to clarify the facts concerning the compensation paid to its President and Chief Executive Officer, Jean-Marc Eustache.

Contrary to what is stated in the article, no direct or indirect action taken by the Montrusco Bolton investment company ever resulted in an adjustment to the compensation of any senior executive of Transat.

In 2011, Transat A.T.’s Board of Directors adopted, on its own initiative, the “say on pay” principle and submitted it to shareholders in March 2012. The introduction of this provision is in no way attributable to Montrusco Bolton’s action, contrary to what Mr. Cloutier’s story implies.

At our request, Finance et Investissement published a clarification in its July 1, 2014, edition. We extend our thanks.