Ms. Pauline Dhillon reports

CARGOJET DIRECTOR ACQUIRES SHARES

Cargojet Inc. has completed the private placement of 100,000 variable voting shares of Cargojet to James R. Crane, a member of Cargojet's board of directors, disclosed in the company's final prospectus dated Sept. 8, 2016. The company intends to use the proceeds from the private placement for general corporate and working capital purposes.

"This investment further solidifies my belief in the long-term value of the Cargojet business model and my support of the entire Cargojet team," said Mr. Crane.

"Cargojet is very pleased that Jim has shown the confidence and belief in the underlying value of our business and further growth potential," said Ajay K. Virmani, president and chief executive officer.

Cargojet is Canada's leading provider of time-sensitive overnight air cargo services and carries over 1.3 million pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft.

As a related party transaction under Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions, the board of directors, with Mr. Crane declaring his interest, considered and approved the private placement. At the time the transaction was agreed to, the fair market value of the variable voting shares purchased and the consideration paid for such shares were less than 25 per cent of the market capitalization of the company. As a result, the transaction is exempt from the minority shareholder and valuation requirements contained in MI 61-101. The transaction was conditionally approved by the Toronto Stock Exchange on Aug. 23, 2016. The variable voting shares will be subject to a hold period that expires on Jan. 29, 2017.

We seek Safe Harbor.