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• Acquisition significantly enhances AAR’s scale, margins, and cash flow profile
• Adds more than $1 billion in revenue supporting blue-chip, U.S. airline customers 
• Expands AAR’s consolidated adjusted EBITDA margins[1] from approximately 12% to 16%, before synergies
• Expected to be accretive to adjusted EPS in the first full fiscal year post closing
• Updating AAR’s adjusted EBITDA margin target to approximately 19% to 20% within three to four years

WOOD DALE, Illinois — AAR CORP. (NYSE: AIR) (the “Company” or “AAR”), a leading Parts, Repair, and Software platform in the aviation aftermarket, today announced it has entered into a definitive agreement to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of $4.0 billion.