Dr. Ajay Virmani reports

CARGOJET ANNOUNCES LEADERSHIP TRANSITION AND APPOINTS CO-CEOS

Cargojet Inc. has made a significant leadership transition. Effective Jan. 1, 2024, Pauline Dhillon, currently serving as chief corporate officer, and Jamie Porteous, currently chief strategy officer, will be appointed co-chief executive officers (co-CEOs) and Dr. Ajay Virmani, currently serving as CEO, will be appointed executive chairman.

Ms. Dhillon and Mr. Porteous have been integral executive members of the Cargojet team since its inception 22 years ago. Their commitment, extensive industry knowledge and visionary leadership have played pivotal roles in Cargojet's growth and success.

"We are pleased to announce the appointment of Pauline Dhillon and Jamie Porteous as co-CEOs of Cargojet," said Dr. Virmani, executive chairman. "Their complementary skill set, long-standing dedication to our organization, along with unwavering focus on our team, customers and stakeholders makes them the ideal strategic successors to lead us into a new era of innovation and growth while continuing to provide a seamless service to our customers."

This strategic decision reflects the company's confidence in these talented individuals who, working collaboratively, have been instrumental in shaping Cargojet's journey and further reinforces the company's commitment to provide the highest level of service and reliability to its customers.

As co-CEOs, Ms. Dhillon and Mr. Porteous will continue to work hand in hand and drive the company's vision, mission and strategic initiatives, ensuring that Cargojet remains at the forefront of the air cargo industry while upholding the core values and culture.

Ms. Dhillon is a founding member of the Cargojet team and has been with the company from day one. Ms. Dhillon has been an integral part of Cargojet's growth journey over the past 22 years, and over this period, she has led several functions with increasing responsibility, including marketing, brand, government relations, human resources, legal, facilities, operational efficiency and commercial operations, leading up to her current role as chief corporate officer. Ms. Dhillon currently oversees all aspects of support functions as well as ground operations globally.

Mr. Porteous is also a founding member of the Cargojet team and has been with the company from day one. Mr. Porteous also has been an integral part of Cargojet's growth journey over the past 22 years and has been instrumental in helping grow Cargojet from a start-up to the air cargo leader. Mr. Porteous has served in many roles, including sales, customer relations, commercial strategy, operations, network planning and design, and investor relations, and more recently as the chief strategy officer.

" We are excited and humbled by this opportunity," remarked Ms. Dhillon. "Our focus remains on safely delivering excellence in air cargo solutions for our customers while staying true to our corporate culture and founding principles. Teamwork by our dedicated professionals prides itself on putting customers first in everything we do at Cargojet."

Mr. Porteous added: "Cargojet's legacy is built on innovation and a relentless commitment to reliability and outstanding customer service. We are fully committed to continue to provide long-term value to our customers, our shareholders and to our employees."

Cargojet looks forward to the continued support of its valued customers, partners and stakeholders as it embarks on this new chapter in its journey. Together, with Ms. Dhillon and Mr. Porteous at the helm, the company is confident in its ability to set new standards and reach even greater heights in the air cargo industry.

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 carries over 25 million pounds of cargo weekly. Cargojet operates its network with a fleet of over 40 aircraft.