Mach Clarifies Transat's Rejection of its Superior Proposal

Contrary to recent media reports, Group Mach Inc. ("Mach") wishes to clarify that it never withdrew its superior Amended Proposal (as defined below), instead the Board of Directors of Transat Inc. (TSX: TRZ) ("Transat" or the "Company") rejected said proposal by rendering it null and void upon entering into the arrangement agreement with Air Canada dated June 27, 2019 (the "Arrangement Agreement"), thus not respecting one of the conditions of our Amended Proposal to the effect that Transat not sign a definitive acquisition agreement with Air Canada.