Mr. Colin Copp reports

CHORUS AVIATION TO SEEK AUTHORIZATION FOR SHARE CONSOLIDATION AT A SPECIAL MEETING OF SHAREHOLDERS

Chorus Aviation Inc. intends to call a special meeting of shareholders in virtual format only on Feb. 4, 2025, at 11 a.m. Eastern Time, to seek shareholder approval of a special resolution for a proposed consolidation of Chorus's Class A variable voting shares and Class B voting shares.

If approved and implemented, the consolidation would be carried out on the basis of a ratio within a range of one postconsolidation share for every five to 10 preconsolidation shares, with the exact ratio to be determined by Chorus's board of directors. The consolidation is also subject to the approval of the Toronto Stock Exchange.

Chorus is seeking authorization to implement the consolidation as this is expected to increase the trading price of the shares, which management believes should make them more attractive to a broader range of investors. The reasons for the consolidation, including the effects thereof and potential risk factors, will be set out in the management proxy circular for the meeting.

"Combined with our efforts to deleverage and simplify Chorus's balance sheet, the proposed share consolidation is another step in helping unlock the full value of our business," said Colin Copp, president and chief executive officer of Chorus.

Holders of record of the shares as of the close of business on Dec. 23, 2024, will be entitled to vote on the special resolution for the consolidation. To be approved, the special resolution must be passed by at least two-thirds (66-2/3rds per cent) of the votes cast by shareholders at the meeting. If the special resolution is approved, the board will have discretion, for a period of one year following the meeting, to determine the exact consolidation ratio and timing of the consolidation, including to not proceed with the consolidation.

Details of the meeting and how shareholders or their duly appointed proxyholders can attend and participate in the meeting will be set out in the circular, which is expected to be published on or about Jan. 3, 2025. Chorus is closely monitoring the continuing Canadian postal strike. If the postal strike may impact Chorus's ability to deliver the circular and related meeting materials for the date of the meeting, Chorus will issue a further update by press release. Shareholders are encouraged to carefully review the circular, when available, which will be posted on Chorus's website under "Investors -- Reports" and also under Chorus's profile on SEDAR+.

About Chorus Aviation Inc.

Chorus is a Canadian company focused on aviation services businesses. The company's operating subsidiaries are: 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 an 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 5.75 per cent senior unsecured debentures 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.