Governing with integrity: Be honest. Inspire trust. ® We believe that our Doing It Right culture is based on a foundation of strong corporate governance and values that emphasize not only ethics and compliance, but integrity. We strive to establish, implement and maintain an effective governance structure that is agile and responsive to business needs and evolving best practices, and to set high ethical standards. Consideration of inclusive diversity and expertise Our Board of Directors Our Nominating and Governance Committee considers the racial, ethnic and Our Board of Directors is elected by AAR’s stockholders and represents their interests in overseeing our management, strategic direction and financial success. gender diversity of the Board and director We believe our Board is currently well-balanced and able to provide appropriate oversight. The additions of Messrs. Robert F. Leduc and H. John Gilbertson in 2020 candidates to assure that AAR maintains and Ms. Ellen Lord in 2021 have increased the Board’s diversity of thought in recent years and prepare us for future growth and innovation. the benefit of a diversified, balanced and effective Board. The Nominating and Governance Committee and the full Board maintain a matrix of skills, competencies and experiences of each director. This 12 25% 2 1 matrix enables the members to ensure that the Board as a whole has the diversity of Directors Diversity Women African-American expertise and experience necessary for effective oversight. To help facilitate the evaluation of diverse candidates, the Board adopted amended 65.75 Corporate Governance Guidelines in 10 10.16 75 December 2019, mandating that a diverse Independent directors Director average tenure Director average age Director retirement age candidate must be included in any director search. 33