An anonymous director reports

CARGOJET ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID FOR VOTING SHARES

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

Normal course issuer bid

The corporation is renewing the NCIB because it believes that it provides flexibility in respect of its capital allocation strategy to maximize shareholder value, particularly at times when its shares may trade in a price range that may not fully reflect the underlying value of the shares. Any purchases made under the NCIB, which will begin on Nov. 11, 2025, and end no later than Nov. 10, 2026, 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 1.4 million shares, during the 12-month period commencing Nov. 11, 2025, and ending Nov. 10, 2026. 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 1.4 million shares, representing approximately 9.5 per cent of its outstanding public float or 9.3 per cent of its outstanding shares, being 14,748,308 shares and 15,087,310 shares, respectively, as at Nov. 6, 2025. Under the NCIB, other than purchases made under block purchase exemptions, Cargojet may purchase up to 19,415 shares on the TSX during any trading day, which represents 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.

Under Cargojet's previous NCIB which commenced on Nov. 11, 2024, and expires on Nov. 10, 2025, Cargojet previously sought and received approval from the TSX to repurchase up to 1.5 million shares. Cargojet repurchased 774,513 shares for cancellation under the 2024 NCIB at a weighted average price of approximately $101.75 per share. All repurchases under the 2024 NCIB were conducted through the facilities of the TSX or alternative Canadian trading systems.

Automatic share purchase plan

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 and international charter services and carrying over 25 million pounds of cargo weekly. Cargojet operates a fleet of 41 freighter aircraft.

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