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 $50-million of its Class A variable voting shares and Class B voting shares. The offer expired at 5 p.m. (Toronto time) on Nov. 10, 2025. All amounts in this press release are in Canadian dollars.

In total, the company has taken up and will purchase for cancellation 2,061,855 shares at a price of $24.25 per share (the purchase price) for an aggregate purchase price of approximately $50-million, excluding fees and expenses relating to the offer. The shares purchased for cancellation under the offer represent approximately 8.1 per cent of the total number of issued and outstanding shares as of Sept. 25, 2025, the last full trading day prior to the date the offer was publicly announced. After giving effect to the offer, 23,415,381 shares remain outstanding.

Based on the final count by TSX Trust Company, the depositary for the offer, a total of 2,090,782 shares were properly tendered to the offer and not withdrawn at or below the purchase price. As the offer was oversubscribed, successfully tendering shareholders will have approximately 98.6 per cent of their successfully tendered shares purchased by the company, except for "odd lot" tenders (of holders beneficially owning fewer than 100 shares) which will not be subject to pro ration.

The company will make 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 $24.25 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 $23.06. Shareholders should consult with their own tax advisers with respect to the income tax consequences of the disposition of their shares under the offer.

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 airline 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; Cygnet Aviation Academy, an industry-leading accredited training academy preparing pilots for direct entry into airlines; and Elisen & Associates, a leading provider of aerospace engineering and certification services. Together, Chorus's subsidiaries provide services that encompass every stage of an aircraft's life cycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering and certification services, 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 Toronto Stock Exchange under the trading symbol CHR. Chorus' 5.75 per cent senior unsecured debentures due June 30, 2027, trade on the Toronto Stock Exchange under the trading symbol CHR.DB.C, respectively.