Second independent proxy advisor ISS recommends voting for Transat's 8 nominees and against dissident shareholder proposals

• Two leading independent third-party proxy advisory firms recommend support for Transat.
• Vote well in advance of the upcoming proxy voting deadline at 9 a.m. (Montréal time) on Friday, March 6, 2026.
• Questions or require voting assistance? Contact Laurel Hill Advisory group by calling or texting "INFO" to 1-877-452-7184, or by email at [email protected].

MONTRÉAL, March 2, 2026 /CNW/ - Transat A.T. Inc. ("Transat") today announced that leading independent proxy advisory firm Institutional Shareholder Services Inc. ("ISS") has recommended that shareholders vote the BLUE proxy FOR all of Transat's eight (8) director nominees at the upcoming Annual General and Special Meeting of Shareholders scheduled to be held on March 10, 2026, at 9:00 a.m. (Montréal time). ISS has also recommended that shareholders vote in line with the Board's unanimous 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 (8) and maximum of 15 directors and AGAINST or WITHHOLD from all dissident shareholder proposals being put forward by Financière Outremont Inc.

ISS is an independent third-party advisor to institutional investors and joins fellow advisor Glass Lewis in its unanimous recommendation in support of Transat. In its report, ISS recognizes the progress Transat has made in executing its turnaround strategy, improving operating performance and strengthening its balance sheet, stating: "…there have been significant improvements over the past three fiscal years, and key performance indicators tell the story of a company that is moving in the right direction."

ISS and Glass Lewis's recommendations reinforce growing support for Transat's nominees and proven plan. Two major long-term shareholders, Fonds de solidarité des travailleurs et travailleuses du Québec (FTQ) and La Caisse de dépôt et placement du Québec, have entered into support and voting agreements and have committed to vote FOR all of Transat's nominees.

ISS Conclusions:

Validation of a Proven Plan that is Working: ISS notes that, "Overall, most operating metrics appear to have strengthened since the Elevation Program was introduced while trends in [Transat]'s KPIs compare favourably [to aviation peers]."

Validation of Strong Path for Value Creation: ISS further observes that, "Not only has [Transat] demonstrated positive momentum in several important areas, but the dissident relies on arguments that are generally unsubstantiated or presented without proper context."

Rejection of Dissident Case: ISS states that "…the dissident has not made a compelling case for board change", adding that, "…the dissident has failed to present a case for any degree of change, let alone for half of the board."

Validation of Financial Progress: ISS observes that, "Perhaps most importantly, [Transat] strengthened the balance sheet by restructuring the LEEFF debt, a decision that was exceptionally well received by the market."

Susan Kudzman, Chair of the Board, said: "We are pleased ISS has recognized that our eight (8) nominees are the best choice to protect and grow shareholders' investments in Transat by continuing to implement a thoughtfully designed turnaround plan that is delivering measurable results. ISS and Glass Lewis's recommendations confirm that the best path forward for shareholders is continuity of seasoned leadership and disciplined execution of our proven plan."

ISS has also recommended that shareholders vote WITHHOLD from all of Financière Outremont's proposals, noting that: "the dissident has long aspired to acquire [Transat], and that the proposed board composition--50 percent of board seats plus the board chair--could serve as a beachhead to facilitate an eventual acquisition" and noted that "Concerns may be further heightened by the close personal and business ties among all three dissident nominees… These facts demonstrate minimal regard for director qualifications, independence, or cohesion."

The Board unanimously recommends that shareholders vote your BLUE proxy or voting instruction form FOR ALL of Transat's eight (8) nominees and does NOT support Financière Outremont Inc.'s dissident shareholder proposals.

Vote your BLUE Proxy by Friday, March 6, 2026 at 9:00 a.m. (Montréal time).

We encourage you to vote online or by telephone today. Do not risk your vote being received too late to be counted.

To have your say in Transat's future, vote your BLUE proxy or voting instruction form online or over the phone, or pursuant to one of the other methods outlined in your BLUE proxy or voting instruction form.

Questions or Require Voting Assistance?
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 email at [email protected].

About Transat
Founded in Montréal 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 their category, it is committed to a healthier environment, knowing that this is essential to its operations and the destinations it serves. Based in Montréal, Transat has nearly 5,000 employees with a common purpose to bring people closer together. (TSX: TRZ) www.transat.com 

For more information

Media
Andréan Gagné 
Senior Director, Communications, Public Affairs and Corporate Responsibility
[email protected]
514 987-1616, ext. 104071

Financial analysts
Jean-François Pruneau
Chief Financial Officer
[email protected]
514-987-1660, ext. 104567

SOURCE Transat A.T. Inc.