Mr. Manon Stuart reports

CHORUS AVIATION ANNOUNCES EXERCISE IN FULL AND CLOSING OF OVER-ALLOTMENT OPTION IN CONNECTION WITH BOUGHT DEAL OFFERING OF 5.75% SENIOR UNSECURED DEBENTURES

Underwriters of Chorus Aviation Inc.'s offering of 5.75 per cent senior unsecured debentures exercised in full their overallotment option resulting in the issue of an additional $11.25-million aggregate principal amount of debentures, bringing the total offering to $86.25-million aggregate principal amount of debentures.

The net proceeds of the offering will be used to finance the growth of Chorus Aviation Capital (Chorus's aircraft leasing business), including the acquisition of aircraft intended for or currently on lease to third parties, as well as for working capital requirements and other general corporate purposes.

The debentures bear interest at a rate of 5.75 per cent per annum, payable semi-annually in arrears on June 30 and Dec. 31 of each year, commencing June 30, 2020, and will mature on Dec. 31, 2024. The debentures are listed for trading on the Toronto Stock Exchange under the symbol CHR.DB.A.

Subject to any required regulatory approval and provided no event of default has occurred and is continuing under the terms of the indenture governing the debentures, Chorus will have the option to satisfy its obligation to pay the principal amount of the debentures due at redemption or maturity (together with any applicable premium) by delivering freely tradable Class B voting shares to holders of the debentures who are Canadians (as defined in the Canada Transportation Act or Class A variable voting shares to debentureholders who are not qualified Canadians.

The debentures are not convertible into voting shares by debentureholders at any time.

A syndicate co-led by CIBC Capital Markets and RBC Capital Markets, and including Scotiabank, National Bank Financial Inc., TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., Cormark Securities Inc. and Paradigm Capital Inc. acted as underwriters for the offering.

About Chorus Aviation Inc.

Chorus Aviation is a global provider of integrated regional aviation solutions. Chorus's vision is to deliver regional aviation to the world. Headquartered in Halifax, N.S., Chorus comprises Chorus Aviation Capital, a leading, global lessor of regional aircraft, and Jazz Aviation and Voyageur Aviation, companies that have long histories of safe operations with excellent customer service. Chorus provides a full suite of regional aviation support services that encompasses every stage of an aircraft's life cycle, including: aircraft acquisitions and leasing; aircraft refurbishment, engineering, modification, repurposing and preparation; contract flying; aircraft and component maintenance, disassembly, and parts provisioning.

We seek Safe Harbor.