Pennant Capital announces filing of early warning report in respect of Transat A.T.



    CHATHAM, NJ, March 16 /CNW Telbec/ - Pennant Capital Management LLC
(Pennant), an investment manager based in Chatham, New Jersey, announced today
that it has sold 50,000 Class A Variable Voting Shares of Transat A.T. Inc.
(the Class A Shares), which trade on the Toronto Stock Exchange under the
symbol "TRZ.A". The sale by Pennant of the Class A Shares was part of its
investment activities for and on behalf of four separate funds managed by it.
In connection with this sale, Pennant is filing an update to the early warning
report previously filed by it with the Canadian securities regulatory
authorities on the SEDAR website (www.sedar.com) on March 1, 2007.
    On March 16, 2007, Pennant sold 50,000 Class A Shares, thereby decreasing
its ownership of Class A Shares from an aggregate of 440,800 Class A Shares to
390,800 Class A Shares. The investment funds managed by Pennant now own
approximately 15.50% of all issued and outstanding Class A Shares and
approximately 1.14% of all of Transat's issued and outstanding Class A Shares
and Class B Voting Shares on a consolidated basis, based on outstanding share
data available on the Toronto Stock Exchange website on March 16, 2007. After
the sale, the largest position of Class A Shares held by one of the funds
managed by Pennant referred to above represented approximately 6.36% of the
outstanding Class A Shares, based on outstanding share data available on the
Toronto Stock Exchange website on March 16, 2007.




For further information:

For further information: contact details are: Keith Richardson, Chief
Financial Officer, Pennant Capital Management LLC, 40 Main Street, Suite 201,
Chatham, New Jersey, USA 07928-2432, (973) 701-1100

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PENNANT CAPITAL MANAGEMENT LLC

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