NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MARCH 21, 2019 AND MANAGEMENT INFORMATION CIRCULAR Our annual meeting of shareholders will be held at 1:00 p.m. (Eastern time) on March 21, 2019 at Stikeman Elliott LLP 53rd Floor, Commerce Court West, 199 Bay Street, Toronto, Ontario As a holder of voting shares of Cargojet Inc., you have the right to vote your shares, either by proxy or in person, at the meeting. February 21, 2019 TABLE OF CONTENTS NOTICE OF ANNUAL MEETING OF SHAREHOLDERS ......................................................................................................................... III When................................................................................................................................................................................. iii Where ............................................................................................................................................................................... iii Business of the Meeting .................................................................................................................................................... iii Contents of This Package .................................................................................................................................................. iii Record Date ...................................................................................................................................................................... iii Voting ................................................................................................................................................................................ iii MANAGEMENT INFORMATION CIRCULAR ........................................................................................................................................ 1 Approval of this Circular .................................................................................................................................................... 1 GENERAL PROXY MATTERS ............................................................................................................................................................... 2 Solicitation of Proxies ........................................................................................................................................................ 2 Voting By Proxy ................................................................................................................................................................. 2 How to Vote – Registered Shareholders ........................................................................................................................... 2 Completing the Form of Proxy and Discretionary Authority ............................................................................................. 3 How to Vote – Non‐Registered Shareholders ................................................................................................................... 3 How to Change Your Vote ................................................................................................................................................. 5 Voting Shares .................................................................................................................................................................... 5 Principal Holders of Voting Shares .................................................................................................................................... 6 Record Date and Quorum ................................................................................................................................................. 6 BUSINESS OF THE MEETING .............................................................................................................................................................. 6 Financial Statements ......................................................................................................................................................... 7 Election of Directors .......................................................................................................................................................... 7 Appointment of Auditors .................................................................................................................................................. 8 Other Business .................................................................................................................................................................. 8 Interest of Certain Persons or Companies in Matters to be Acted Upon .......................................................................... 9 DIRECTOR NOMINEES ....................................................................................................................................................................... 9 Remuneration of Directors ............................................................................................................................................. 12 Certain Proceedings ........................................................................................................................................................ 13 CORPORATE GOVERNANCE PRACTICES .......................................................................................................................................... 13 The Board ........................................................................................................................................................................ 14 Position Descriptions ...................................................................................................................................................... 15 Orientation and Continuing Education ........................................................................................................................... 16 Code of Ethics ................................................................................................................................................................. 17 Compensation and Nominating Committee ................................................................................................................... 17 Corporate Governance Committee ................................................................................................................................. 17 Audit Committee ............................................................................................................................................................. 18 CORPORATE PERFORMANCE .......................................................................................................................................................... 18 2018 Key Accomplishments ............................................................................................................................................ 18 Performance Graph ......................................................................................................................................................... 19 EXECUTIVE COMPENSATION DISCUSSION AND ANALYSIS .............................................................................................................. 20 Compensation and Nominating Committee Letter to Shareholders ............................................................................... 20 Introduction .................................................................................................................................................................... 22 Executive Compensation Philosophy .............................................................................................................................. 22 Compensation Governance ............................................................................................................................................. 22 Liability Insurance ........................................................................................................................................................... 24 Named Executive Officers’ Compensation ...................................................................................................................... 24 Perquisites & Benefits ..................................................................................................................................................... 33 Founder / President & CEO Pension Plan ........................................................................................................................ 33 Summary Compensation Table ....................................................................................................................................... 35 OTHER IMPORTANT INFORMATION ............................................................................................................................................... 41 Indebtedness of Directors, Executive Officers and Employees ....................................................................................... 41 Interests of Informed Persons in Material Transactions ................................................................................................. 41 Requesting Documents ................................................................................................................................................... 41 SCHEDULE “A” CHARTER OF THE