Dr. Ajay Virmani reports

CARGOJET INCREASES QUARTERLY DIVIDEND BY 10%

Cargojet Inc. has declared a cash dividend of 31.46 cents per common voting share and variable voting share for the period from Oct. 1, 2023, to Dec. 31, 2023, an increase of 2.86 cents, or 10 per cent, per share from the previous quarter.

"This increase in the cash dividend reinforces our commitment to return value to our shareholders," said Dr. Ajay Virmani, president and chief executive officer. "It is also consistent with our capital allocation plan to periodically increase cash returns to our shareholders."

The dividends will be paid to all shareholders of record as at the close of business on Dec. 20, 2023, and will be payable on or before Jan. 5, 2024. These dividends will be eligible dividends within the meaning of the Income Tax Act (Canada).

About Cargojet Inc.

Cargojet is Canada's leading provider of time-sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI (aircraft, crew, maintenance and insurance) and international charter services and carrying over 25 million pounds of cargo weekly. Cargojet operates its network with its own fleet of 39 aircraft.

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