HALIFAX, October 14, 2021 – Chorus Aviation Inc. ("Chorus") (TSX: CHR) announced today that it has entered into an agreement for a three-year committed operating credit facility (the "New Facility") with The Bank of Nova Scotia ("Scotiabank") as lender, sole lead arranger, bookrunner, administrative agent and issuing bank, and the Canadian Imperial Bank of Commerce ("CIBC") and the Bank of Montreal as lenders. The New Facility replaces Chorus' credit facility (the "Prior Facility") under the second amended and restated credit agreement dated June 28, 2019 (as amended) which provided a $75 million committed limit and was scheduled to mature in August 2022.

The New Facility provides Chorus and certain designated subsidiaries including Chorus Aviation Capital Corp., Jazz Aviation LP and Voyageur Aviation Corp. (collectively, the "Credit Parties") with a committed limit of up to $75 million, subject to a borrowing base calculation, plus a $25 million uncommitted accordion. The New Facility is secured by all present and after-acquired personal property of the Credit Parties, excluding certain specified assets which include aircraft and engines and the equity securities of Chorus Aviation Capital Corp. and its subsidiaries. It contains customary representations, warranties and covenants, including a covenant to maintain a minimum consolidated interest coverage ratio. A copy of the New Facility is available under Chorus' profile on SEDAR at www.sedar.com.

In connection with Chorus entering into the agreement for the New Facility, the trustees (collectively, the "Trustees") under the indentures for Chorus' 5.75% Senior Unsecured Debentures due December 31, 2024, 6.00% Convertible Senior Unsecured Debentures due June 30, 2026, and 5.75% Senior Unsecured Debentures due June 30, 2027 (collectively, the "Debentures") entered into, in their capacity as trustee for and on behalf of the holders of the relevant Debentures, intercreditor agreements (the "Intercreditor Agreements") with Scotiabank, in its capacity as administrative agent for and on behalf of the lenders under the New Facility. The Intercreditor Agreements are on substantially similar terms as the intercreditor agreements that were entered into by each of the Trustees with the administrative agent for and on behalf of the lenders under the Prior Facility. Copies of the Intercreditor Agreements are available under Chorus' profile on SEDAR at www.sedar.com.