An anonymous director reports

CHORUS ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Chorus Aviation Inc. has received approval from the Toronto Stock Exchange respecting the renewal of its normal course issuer bid (NCIB). Pursuant to the documentation filed with the TSX, Chorus may purchase for cancellation up to a maximum of 14,826,478 of its Class A variable voting shares and/or Class B voting shares, representing 10 per cent of the public float of the shares as of Nov. 4, 2024, calculated in accordance with TSX rules.

The directors and management of Chorus believe that the purchase of shares for cancellation during the period of the bid may be an appropriate and desirable use of Chorus's funds that is in the best interests of Chorus and beneficial to its shareholders. Chorus intends to make purchases on an opportunistic basis, taking share price and other considerations into account.

As of Nov. 4, 2024, Chorus had 191,108,856 shares issued and outstanding, of which 148,264,785 shares constitute the total public float of the Shares. Purchases made pursuant to the bid will be made in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of the purchases in accordance with the rules of the TSX and applicable securities laws. On any trading day, Chorus will not purchase more than 82,857 shares, representing 25 per cent of the average daily trading volume for the six months ended Oct. 31, 2024 (being 331,431 shares), except where such purchases are made in accordance with the block purchase exemptions under the TSX rules. Purchases under the renewed NCIB may commence on Nov. 14, 2024, and will conclude on the earlier of the date on which Chorus has purchased the maximum number of shares permitted under the NCIB and Nov. 13, 2025.

In connection with the renewal of the NCIB, Chorus has established an automatic securities purchase plan with its designated broker to allow for the purchase of shares during trading blackout periods, subject to certain parameters such as price and number of shares. Outside of blackout periods, shares may also be repurchased in accordance with management's discretion, subject to applicable law. Chorus may vary, suspend or terminate the plan only if it does not have material non-public information when the decision is made. The plan constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.

The renewal of the NCIB will follow on the conclusion of Chorus's current NCIB that expires on Nov. 13, 2024. Under the current NCIB, Chorus is authorized to purchase up to 15,160,372 shares for cancellation. From Nov. 14, 2023, to Nov. 4, 2024, Chorus purchased 2,796,265 shares through the facilities of the TSX and alternative trading systems at a weighted average price of $2.13 per share.

There can be no assurance as to how many shares, if any, will be acquired by Chorus pursuant to the renewed NCIB. Shares purchased by Chorus pursuant to the NCIB will be cancelled.

About Chorus Aviation Inc.

Chorus is a global aviation solutions provider and asset manager, focused on regional aviation. Its current principal subsidiaries are: Falko Regional Aircraft, the leading pure-play regional aircraft asset manager and lessor, managing investments on behalf of third party fund investors; Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry-leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus's subsidiaries provide services that encompass every stage of a regional aircraft's life cycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; and pilot training.

Chorus Class A variable voting shares and Class B voting shares trade on the TSX under the trading symbol CHR. Chorus's 5.75 per cent senior unsecured sebentures due Dec. 31, 2024, 6.00 per cent convertible senior unsecured debentures due June 30, 2026, and 5.75 per cent senior unsecured debentures due June 30, 2027, trade on the TSX under the trading symbols CHR.DB.A, CHR.DB.B and CHR.DB.C, respectively.

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