Wood Dale, Illinois - AAR (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs and OEMs, announced today the extension of its power-by-the-hour (PBH) component support contract with Volotea.

The partnership started in 2016 with four A319 aircraft and the fleet has grown now to nearly 40 aircraft today.

The agreement includes the positioning of Main Base Kits at Volotea's operating bases throughout Europe, access to AAR's component pool inventory from logistic centers in Europe and the management of the component repair cycle.

'Following a selection process that prioritized value and reliability, we are excited to confirm AAR as the provider for component services for our fleet of A320 family aircraft. We look forward to having AAR in support of the next phase of our growth,' said Isidre Porqueras, Volotea COO.

'We are honored to extend this successful partnership with Volotea. Our proven ability to provide European component and logistic support across Volotea's rapidly evolving and growing network of 17 operating bases and operations to over 100 cities was key to this extension,' said Nicholas Gross, AAR Vice President Integrated Solutions.

To learn more about AAR's Integrated Solutions, please visit https://www.aarcorp.com/integrated-solutions/commercial-solutions/.

About Volotea

Volotea was founded in 2011 by Carlos Munoz and Lazaro Ros, previously founders of Vueling, is one of the fastest-growing independent airlines in Europe, increasing year-on-year its fleet, routes served, and seats offered. Since its start, Volotea has carried more than 35 million passengers across Europe.

Volotea is based in 17 European small and mid-sized cities and operated an all Airbus A320F fleet of 40 aircraft in summer 2021 versus 36 in 2019. In terms of volume, Volotea and has increased its seat capacity by up to 111%compared to summer 2019. It employs over 1,350 staff across Europe and was the most active airline in Summer 2020 among its main competitors in activity, seat-load factor, operational levels and customer satisfaction.

About AAR

AAR is a global aftermarket solutions company that employs more than 6,000 people in over 20 countries. Based in Wood Dale, Illinois, AAR supports commercial aviation and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR's Aviation Services include inventory management; parts supply; OEM parts distribution; aircraft maintenance, repair and overhaul; engineering services and component repair. AAR's Expeditionary Services include airlift operations; mobility systems; and command and control centers in support of military and humanitarian missions. More information can be found at www.aarcorp.com.

Media contact: Daniela Pietsch, Vice President Corporate Marketing & Communications, at editor@aarcorp.com or +1 630-227-5100.

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled 'Risk Factors', included in the Company's Form 10-K for the fiscal year ended May 31, 2018. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.

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