Ms. Susan Kudzman reports

INDEPENDENT PROXY ADVISOR GLASS LEWIS RECOMMENDS VOTING FOR TRANSAT'S 8 NOMINEES AND AGAINST DISSIDENT SHAREHOLDER PROPOSALS

Independent proxy advisory firm Glass Lewis has recommended that shareholders vote the blue proxy for all of Transat AT Inc.'s eight director nominees at the coming annual general and special meeting of shareholders scheduled to be held on March 10, 2026, at 9 a.m. Montreal time. Glass Lewis has also recommended that shareholders vote in line with the board's recommendations on all other items of business being put forward, including for Transat's amendment to its articles of incorporation to provide for a minimum of eight and maximum of 15 directors and against or withhold from all dissident shareholder proposals being put forward by Financiere Outremont Inc.

Glass Lewis's recommendation follows a detailed review of Transat's financial performance, capital structure, governance profile and the competing proposals before shareholders, and concluded based on Transat's operational complexity and continuing positive recovery, "On balance, we conclude that shareholders would be better served by supporting the management nominees and voting against the dissident's shareholder proposals at this time."

Glass Lewis also stated, "While the dissident nominees bring experience in corporate leadership, capital markets and consumer analytics, none appears to fill a demonstrable aviation-specific skill gap not already represented on the current slate."

In conclusion, Glass Lewis recommended shareholders vote against proposal 6 to fix the board size at six and withhold from proposals 7 to 9, which seek to elect the dissident nominees.

Susan Kudzman, chair of the board, said: "We are pleased that Glass Lewis has independently validated the strength of our recovery trajectory, the material improvement in our capital structure and the depth of expertise represented on our new board. Transat's disciplined execution and continuity of leadership are the best path forward for shareholders at this important stage of our recovery."

The board unanimously recommends that shareholders vote the blue proxy or voting instruction form for all of Transat's eight nominees and does not support Financiere Outremont's dissident shareholder proposals.

Vote your blue proxy by Friday, March 6, 2026, at 9 a.m. Montreal time.

The company encourages you to vote on-line or by telephone today. Do not risk your vote being received too late to be counted.

Shareholder questions or require voting assistance?

To have your say in Transat's future, vote your blue proxy or voting instruction form on-line or over the phone, or pursuant to one of the other methods outlined in your blue proxy or voting instruction form. For questions or if you require voting assistance, contact Transat's proxy solicitation agent, Laurel Hill Advisory Group, by calling or texting INFO to 1-877-452-7184 (toll-free in North America) or 1-416-304-0211 (international), or by e-mail at assistance@laurelhill.com. You may also visit the website Vote Transat website for more information on Transat's recommendations.

About Transat AT Inc.

Founded in Montreal in 1987, Transat has achieved worldwide recognition as a provider of leisure travel particularly as an airline under the Air Transat brand. Voted world's best leisure airline by passengers at the 2025 Skytrax World Airline awards, it flies to international destinations. By renewing its fleet with the most energy-efficient aircraft in its category, it is committed to a healthier environment, knowing that this is essential to its operations and the destinations it serves. Based in Montreal, Transat has nearly 5,000 employees with a common purpose to bring people closer together.