Ms. Elena Milantoni reports

MAGELLAN AEROSPACE ANNOUNCES QUARTERLY DIVIDEND

Magellan Aerospace Corp.'s board of directors declared a quarterly cash dividend of 2.5 cents per share on the corporation's common shares. The board of directors of the corporation continues to review its dividends on a quarterly basis for more visibility of recovery, and ensure that the dividend declared balances the return of capital to shareholders while maintaining adequate financial flexibility and investment in growth initiatives. The dividend is payable on March 28, 2024, to stockholders of record at the close of business on March 15, 2024.

About Magellan Aerospace Corp.

Magellan Aerospace is a global aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan has operating units throughout North America, Europe and India.