Ms. Pauline Dhillon reports

CARGOJET ANNOUNCES NORMAL COURSE ISSUER BID FOR VOTING SHARES

The Toronto Stock Exchange (TSX) has accepted Cargojet Inc.'s notice of intention to proceed with a normal course issuer bid (NCIB) for a portion of its common voting shares and variable voting shares.

The corporation has implemented the NCIB in respect of the shares because it believes that, from time to time over the next 12 months, the market price of the shares may not fully reflect the underlying value of the shares and that at such times the purchase of the shares would be in the best interests of the corporation. Any purchases made under the NCIB, which will begin on Nov. 9, 2023, and end no later than Nov. 8, 2024, are made by Cargojet, subject to favourable market conditions, at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.

Pursuant to the notice, Cargojet intends to purchase up to 1.5 million shares during the 12-month period commencing Nov. 9, 2023, and ending Nov. 8, 2024. The corporation may fulfill such aggregate limit by the repurchase of the shares as appropriate opportunities arise from time to time. The corporation intends to acquire up to a maximum of 1.5 million shares, representing approximately 8.72 per cent of its outstanding shares. As at Nov. 6, 2023, there were 17,209,499 shares outstanding. Under the NCIB, other than purchases made under block purchase exemptions, Cargojet may purchase up to 12,076 shares on the TSX during any trading day, representing approximately 25 per cent of the average daily trading volume, as calculated in accordance with TSX rules. Any shares purchased under the NCIB will be cancelled.

In connection with the NCIB, the corporation entered into an automatic share purchase plan (ASPP) with a designated broker. Pursuant to the ASPP, the corporation has instructed the designated broker to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by Cargojet in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will be implemented today. All purchases made under the ASPP will be included in computing the number of shares purchased under the NCIB.

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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