Mississauga, ON, May 9, 2022 – the Board of Directors of Cargojet Inc. has declared a
cash dividend of $0.2860 per common voting share and variable voting share for the
period from April 1, 2022, to June 30, 2022, an increase of $0.0260 or 10.0% per share
from the previous quarter.

“This increase in the cash dividend reinforces our commitment to return value to our
shareholders,” said Dr. Ajay Virmani, President and Chief Executive Officer. “It is also
consistent with our capital allocation plan to periodically increase cash returns to our
shareholders”, he added.

The dividends will be paid to all shareholders of record as at the close of business on June
20, 2022, and will be payable on or before July 5, 2022. These dividends will be eligible
dividends within the meaning of the Income Tax Act (Canada).

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 carries over 25,000,000 pounds of cargo weekly. Cargojet operates its
network with its own fleet of 32 aircraft.

For further information, please contact:
Pauline Dhillon
Chief Corporate Officer
Tel: (905) 501 7373

Notice on Forward Looking Statements:

Certain statements contained herein constitute “forward-looking statements”. Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “plans,” “intends,” “anticipates,” “should,” “estimates,” “expects,” “believes,” “indicates,” “targeting,” “suggests” and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the issuer’s most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Annual Consolidated Financial Statements and Quarterly Financial Statements and Notes thereto and related Management’s Discussion and Analysis (MD&A), for a summary of major risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The issuer assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event the issuer does update any forward looking statement, no inference should be made that the issuer will make additional updates with respect to that statement, related matters, or any other forward-looking statement.