NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MARCH 30, 2021 AND MANAGEMENT INFORMATION CIRCULAR WHEN 1:00 p.m. (Toronto time) on Tuesday March 30, 2021 WHERE Virtual meeting via live audio webcast available at https://web.lumiagm.com/262421544 As a holder of voting shares of Cargojet Inc., you have the right to vote your shares, either by proxy or online, at the meeting March 3, 2021 TABLE OF CONTENTS NOTICE OF ANNUAL MEETING OF SHAREHOLDERS .............................................................................................. I MANAGEMENT INFORMATION CIRCULAR .......................................................................................................... 1 Approval by Directors ......................................................................................................................... 1 GENERAL PROXY MATTERS ............................................................................................................................... 2 Date, Time and Place of Meeting ......................................................................................................... 2 How to Attend the Virtual Only Meeting ............................................................................................... 2 Record Date ....................................................................................................................................... 2 Quorum ............................................................................................................................................. 3 Voting Requirements .......................................................................................................................... 3 Solicitation of Proxies .......................................................................................................................... 3 Shareholder Voting Procedures ........................................................................................................... 3 Exercise of Discretion of Proxyholders .................................................................................................. 8 INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON .............................................. 8 VOTING SHARES AND PRINCIPAL HOLDERS OF VOTING SHARES .......................................................................... 9 Voting Shares ..................................................................................................................................... 9 Principal Holders of Voting Shares ........................................................................................................ 9 Restrictions on Voting Shares .............................................................................................................. 9 BUSINESS OF THE MEETING ............................................................................................................................ 11 1. Financial Statements .............................................................................................................. 11 2. Election of Directors ............................................................................................................... 12 3. Appointment of Auditors ........................................................................................................ 13 DIRECTOR NOMINEES .................................................................................................................................... 13 Remuneration of Directors ................................................................................................................ 17 Certain Proceedings .......................................................................................................................... 19 CORPORATE GOVERNANCE PRACTICES ............................................................................................................ 20 General ............................................................................................................................................ 20 Board of Directors ............................................................................................................................ 20 Position Descriptions ........................................................................................................................ 23 Executive Succession Planning ........................................................................................................... 24 Orientation and Continuing Education ................................................................................................ 25 Assessment of the Board ................................................................................................................... 25 Code of Ethics................................................................................................................................... 26 Board and Executive Officer Diversity Policy ....................................................................................... 26 Environmental, Social and Governance Matters .................................................................................. 27 CORPORATE PERFORMANCE ........................................................................................................................... 28 2020 Key Accomplishments ............................................................................................................... 28 Performance Graph .......................................................................................................................... 29 EXECUTIVE COMPENSATION DISCUSSION AND ANALYSIS .................................................................................. 30 Compensation and Nominating Committee Letter to Shareholders ...................................................... 30 Introduction ..................................................................................................................................... 32 Executive Compensation Philosophy .................................................................................................. 32 Compensation and Nominating Committee’s Mandate ........................................................................ 32 Composition of the Compensation and Nominating Committee ........................................................... 33 Risk Oversight ................................................................................................................................... 33 Role of Management in Compensation Decisions ................................................................................ 34 Role of Independent Advisors in Compensation Decisions .................................................................... 34 Liability Insurance ............................................................................................................................. 34 Named Executive Officers’ Compensation .......................................................................................... 34 OTHER IMPORTANT INFORMATION................................................................................................................. 50 Indebtedness of Directors, Executive Officers and Employees .............................................................. 50 Interests of Informed Persons in Material Transactions ....................................................................... 50 Shareholder Engagement .................................................................................................................. 50 Requesting Documents ..................................................................................................................... 50 CARGOJET INC. NOTICE OF ANNUAL MEETING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN that the annual meeting (the “Meeting”) of holders (the “Shareholders”) of common voting shares and variable voting shares (together, the “Voting Shares”) of Cargojet Inc. (the “Company”) will be held at 1:00 p.m. (Toronto time) on Tuesday March 30, 2021. The Meeting is being called for the following purposes, each as more particularly described in the accompanying management information circular of the Company (the “Circular”): 1. to receive and consider the audited consolidated financial statements of the Company for the fiscal period ended December 31, 2020 and the report of the auditors thereon; 2. to elect the directors of the Company who will serve until the end of the next annual meeting of Shareholders or until their successors are elected or appointed; 3. to appoint the auditors of the Company and to authorize the directors of the Company to fix their remuneration; and 4. to transact such other business as may properly come before the Meeting or any adjournments thereof. The Company is holding the Meeting as a completely virtual meeting, which will be conducted via live audio webcast online at https://web.lumiagm.com/262421544 . Shareholders will not be able to attend the Meeting in person. The virtual Meeting is being held in light of the unprecedented public health impact of the coronavirus disease 2019, also known as COVID‐19, and to mitigate risks to the health and safety of our communities, Shareholders, employees and other stakeholders. Registered Shareholders and duly appointed Proxyholders (as defined herein) will be able to attend the Meeting, submit questions and vote, all in real time, online at https://web.lumiagm.com/262421544