An anonymous director reports

CHORUS AVIATION INC. ANNOUNCES FINAL RESULTS OF SUBSTANTIAL ISSUER BID

Chorus Aviation Inc. has released the final results of its substantial issuer bid to purchase for cancellation up to $25-million of its Class A variable voting shares and Class B voting shares. The offer expired at 5 p.m. Toronto time on May 20, 2025.

In total, the company has taken up and paid for 471,319 shares at a price of $21 per share for an aggregate purchase price of approximately $9.9-million, excluding fees and expenses relating to the offer. The shares purchased for cancellation under the offer represent approximately 1.78 per cent of the total number of issued and outstanding shares as of April 11, 2025, the last full trading day prior to the date the offer was publicly announced. After giving effect to the offer, 25,992,518 shares remain outstanding.

Based on the final count by TSX Trust Company, the depositary for the offer, a total of 471,319 shares were properly tendered to the offer and not withdrawn at or below the purchase price.

The company has made payment for the purchased shares tendered and accepted for purchase by tendering the aggregate purchase price to the depositary in accordance with the offer and applicable law and payment to the shareholders will be effected by the depositary. Any shares invalidly tendered or tendered and not taken up by the company will be returned to shareholders promptly by the depositary. To assist shareholders in determining the Canadian tax consequences of the offer, the company estimates that for the purposes of the Income Tax Act (Canada), the paid-up capital per share is approximately $15.75. Given that the purchase price of $21 per share exceeds the paid-up capital per share, shareholders who have sold shares to the company under the offer will be deemed to have received a dividend equal to the excess of the purchase price over the paid-up capital of the share for Canadian federal income tax purposes as a result of such sale. The dividend deemed to have been paid by the company to Canadian resident persons is designated as an eligible dividend for purposes of the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.

The specified amount for purposes of Subsection 191(4) of the Income Tax Act (Canada) is $19.65. Shareholders should consult with their own tax advisers with respect to the income tax consequences of the disposition of their shares under the offer.

The company's normal course issuer bid for its shares was suspended during the period of the offer. The company intends to resume the NCIB and continue purchasing shares thereunder until the expiry of the NCIB on Nov. 13, 2025, or such earlier date on which Chorus has purchased the maximum number of shares permitted under the NCIB. Chorus intends to make purchases under the NCIB on an opportunistic basis, taking share price and other considerations into account. There can be no assurance as to how many shares, if any, chorus will acquire under the NCIB.

About Chorus Aviation Inc.

Chorus is a holding company that owns the following principal operating subsidiaries: 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: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.

Chorus Class A variable voting shares and Class B voting shares trade on the Toronto Stock Exchange under the trading symbol CHR. Chorus's 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 Toronto Stock Exchange under the trading symbols CHR.DB.B and CHR.DB.C respectively.

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