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

CHATHAM, NJ, Dec. 8 /CNW Telbec/ - Pennant Capital Management LLC (Pennant), an investment manager based in Chatham, New Jersey, announces that it has sold 100,000 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 an investment fund 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 October 15, 2009.

On December 7, 2009, Pennant sold 100,000 Class A Shares, thereby decreasing its ownership of Class A Shares from an aggregate of 252,230 Class A Shares to 152,230 Class A Shares. The investment fund managed by Pennant now owns approximately 17.52% of all issued and outstanding Class A Shares and approximately 0.40% 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 December 7, 2009.

SOURCE PENNANT CAPITAL MANAGEMENT LLC

For further information: For further information: Keith Richardson, Chief Financial Officer, Pennant Capital Management LLC, 26 Main Street, Suite 203, Chatham, New Jersey, USA, 07928-2432, (973) 701-1100

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PENNANT CAPITAL MANAGEMENT LLC

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