Financière Outremont Inc. (“Financière Outremont”), an investment company held by Mr. Pierre Karl Péladeau, is the second largest shareholder in Transat with an investment representing approximately a 9.49% economic and voting interest. Transat’s Board is disproportionately large relative to the Company’s size when benchmarked against other publicly listed Canadian companies – it currently has 11 directors, and its Articles provide for a minimum of nine directors. By contrast, the average for TSX-listed companies of Transat’s size is only six directors. A bloated board such as Transat’s results in inefficient bureaucracy and unjustifiable costs. There is no discernible requirement for unique skills or experience that would justify such an outsized board. Financière Outremont’s significant and long-standing investment in the Company is rooted in the firm belief that, under the right Board leadership, Transat has the potential and opportunity to restore its financial resilience, significantly improve shareholder return while maintaining its strong brand and leadership position amongst the leisure airline carriers for Quebec and Canadian consumers. Reducing the size of the Transat board is the first step in this process. Financière Outremont believes that an optimized Board can be built around six highly qualified and appropriately experienced members. To do so, an amendment to the Company’s Articles, which currently impose a minimum of nine directors, is required. This streamlined board will be much more constructive and efficient than the current Board and will reduce the costs associated with director compensation, and this change is part of Financière Outremont’s broader proposal for governance enhancements at Transat. Financière Outremont expects to prepare its own information circular that will be sent to shareholders and filed under the Company’s profile on SEDAR+ in the coming days.