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Cargojet Announces Current Market Price and Number of Voting Shares to be Issued in connection with Redemption of 4.65% Convertible Debentures

MISSISSAUGA, ON – December 27, 2019 – Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT) announced today in connection with the previously announced redemption of $15,698,000 aggregate principal amount currently outstanding on its 4.65% convertible unsecured debentures due December 31, 2021 (the "Debentures") on December 31, 2019 (the "Redemption Date")), that the Current Market Price (as defined in the indenture governing the Debentures (the "Indenture")) of its common and variable voting shares (the "Voting Shares") is $101.44. An aggregate of 162,896 Voting Shares will therefore be issued on the Redemption Date in respect of the redemption (assuming no further conversions are effected prior to the close of business on the Redemption Date), such number having been determined pursuant to the Indenture by dividing the redemption price of $15,698,000 by 95% of the Current Market Price of the Voting Shares (calculated based on the 20 consecutive trading days ending five days before the Redemption Date). The Corporation intends to pay all accrued and unpaid interest up to, but excluding, the Redemption Date, in cash.

Cargojet is Canada's leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations.  Cargojet owns a fleet of 26 aircraft.

For further information, please contact:

Pauline Dhillon
Executive Vice President Marketing, Government & Public Relations
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 it’s most recent Annual Consolidated 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.