Cargojet renews partnership with DHL until 2033

Dr. Ajay Virmani reports CARGOJET AND DHL SOLIDIFY LONG-TERM STRATEGIC PARTNERSHIP Cargojet Inc. has renewed its strategic agreement with DHL Network Operations (USA) Inc., an affiliate of DHL Group, until March 31, 2033. DHL will have two consecutive renewal options, each for an additional two-year term, potentially extending the term of the agreement until March 31, 2037. Since commencing its business relationship with DHL in 2005, Cargojet has significantly broadened its service portfolio over the subsequent two decades, enhancing its operational scope and capabilities and turning this into a true partnership. Under the agreement, Cargojet will offer its entire range of air transportation services including ACMI, CMI, charter and aircraft dry lease services to DHL to support DHL's global logistics network. Cargojet currently utilizes a fleet of Boeing 767 and Boeing 757 freighters to service DHL's global requirements. Under this expanded strategic partnership, DHL will maintain a minimum monthly block hour guarantee and provide Cargojet with a preferred opportunity to fly additional routes as it rearranges or adds additional capacity globally. "Securing the confidence of DHL Group underscores the strength of Cargojet's value proposition as a long-term strategic partner. This deepened alliance is a testament to our team's relentless commitment to delivering industry-leading on-time performance and operational flexibility. Their efforts to earn the trust of DHL every single day continue to position Cargojet as a key enabler of global logistics," said executive chairman Dr. Ajay Virmani. "Cargojet is an important strategic partner and delivers high quality, capacity and flexibility to DHL Express, operating key routes for us into Canada, Mexico and Latin America. We are pleased to extend our long-standing relationship with Cargojet and look forward to future expansion where mutually beneficial to both organizations," said Travis Cobb, executive vice-president, global operations and aviation, DHL Express. In addition, to align interests and strengthen the long-term strategic relationship, Cargojet will fully terminate the warrants to acquire 1,645,000 voting shares issued to DHL in March, 2022, and issue warrants to acquire up to one million of Cargojet's outstanding voting shares, representing up to 6.63 per cent of Cargojet's shares (on a non-diluted basis as of the date hereof), at a price of $93.61 per share over a period of eight years, with vesting tied to the delivery by DHL of up to $3.2-billion in business volume during the same term. 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, CMI and international charter services, and carries over 25 million pounds of cargo weekly. Cargojet operates its network with its own fleet of all Boeing aircraft. Additional information Cargojet intends to file a material change report in connection with the transactions contemplated by this news release, which will be available under its corporate profile on SEDAR+. In connection therewith, a copy of the warrant certificate in respect of the warrants will be filed with the applicable Canadian securities regulators on SEDAR+. The summary of the key terms of the warrants contained herein and in the to-be-filed material change report is expressly qualified in its entirety by the full text of the as-filed warrant certificate in respect of the warrants. The Toronto Stock Exchange has provided conditional approval for the warrants. In connection with the execution of a non-binding letter of intent between Cargojet and DHL in respect of the agreement and the warrants, Cargojet applied to the Toronto Stock Exchange for price protection for the exercise price of the warrants at a price of $93.61, representing the five-day volume-weighted average trading price of Cargojet's shares as at June 26, 2025. We seek Safe Harbor.