Dr. Ajay Virmani reports

CARGOJET ANNOUNCES LEADERSHIP TRANSITION AS CEO ASSUMES ROLE OF EXECUTIVE CHAIRMAN

Cargojet Inc. has made a significant leadership transition. After launching Cargojet 22 years ago as founder and chief executive officer, Dr. Ajay Virmani will be stepping into the role of executive chairman, effective Jan. 1, 2024, and the corporation has made leadership appointments in a separate announcement. This strategic move reflects Dr. Virmani's dedication to the company's long-term success and the need to ensure a seamless transition in the leadership.

Dr. Virmani, who has served as the CEO since the company's inception in 2001, along with the team he built, has been instrumental in Cargojet's remarkable journey from a start-up to Canada's No. 1 cargo airline. Just last week, Dr. Virmani was appointed to the Order of Ontario. The Globe and Mail honoured Dr. Virmani as the CEO-strategist of the year in 2020. In 2004, Dr. Virmani was awarded the entrepreneur of the year award by Ernst & Young. Recognizing his entrepreneurial and philanthropic contribution to Canada, he was inducted into Canada's Walk of Fame with his own star in 2021. Cargojet, and its leadership, has also been recognized as one of the 50 best managed companies by Deloitte and has been a consistent winner of Canada's Best Cargo Airline award 21 years running.

Under Dr. Virmani's visionary and entrepreneurial leadership, the company operates a fleet of over 40 aircraft and consistently posted remarkable financial results. Cargojet has grown its revenues at 16 per cent and EBITDA (earnings before interest, taxes, depreciation and amortization) at 20 per cent compound annual rate over the past 20 years. The world's top courier brands, integrators, freight forwarders and e-commerce platforms have partnered with Cargojet to fulfill their middle-mile air requirements. Cargojet's shareholders have been handsomely rewarded with an 18-per-cent compound annual return since its initial public offering in 2005.

In Dr. Virmani's new role as executive chairman, he will continue to play a pivotal role in shaping the company's future. He will focus on strategy, strategic customer partnerships, acquisitions of major assets, including aircraft, and corporate governance, while also acting as a mentor for emerging talent. This transition allows Dr. Virmani to leverage his extensive experience and deep industry knowledge to guide the board and senior leadership team.

"Everything we have done at Cargojet has been against odds: starting an airline after 9/11; convincing global package delivery brands that it is more efficient to abandon their own aircraft fleets in favour of Cargojet's network; surviving the 2007-08 global financial crisis; and, more recently, tackling [a] once-in-a-100-year pandemic," said Dr. Virmani. "As I look back at the Cargojet journey, I am filled with gratitude for the opportunity to work with an amazing team of dedicated and hard-working professionals who have built Cargojet into Canada's No. 1 cargo airline. I am looking forward to the opportunity to continue to serve as executive chairman of this great team and help develop the next generation of leaders who will continue to beat the odds."

"We are extremely grateful to Dr. Virmani for his vison, passion and contributions towards the tremendous success Cargojet has achieved. The transition to executive chairman by Dr. Virmani is a testament to his unwavering commitment to Cargojet, its excellent team and its potential. The company remains committed to providing world-class cargo services safely while exceeding customer expectations," said Paul Godfrey, interim chair of the board, on behalf of all directors.

The board of directors and the entire Cargojet family extend their heartfelt appreciation to Dr. Virmani for his outstanding leadership as a founder and CEO, and they look forward to his continued guidance in his new role as executive chairman, confident that this transition will mark a new chapter in Cargojet's continuing success story.

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 40 aircraft.