2 AAR Letter from John M. Holmes “AAR’s culture of ethics and compliance depends upon leadership by example, a commitment to shared values, an environment where employees are encouraged to speak up, and a respect for cultural diversity and inclusion.” John M. Holmes At AAR, we believe in Doing It Right, every time—even if that’s not always the easiest course of action. By acting with integrity and honesty, we are able to deliver the quality solutions and services our customers expect and deserve. Every day, we strive to exceed expectations and be better than the day before. That’s the way we’ve always done business, ever since our founding more than 60 years ago. Just as we are dedicated to being the best-in-class aviation services provider for commercial and government customers worldwide, we must be similarly focused on upholding our commitment to ethics and integrity so we can remain a trusted partner. Our Code of Conduct is here to help us do that. Our Code is more than just policies and procedures. It describes our commitment to a culture of compliance and the ethical standards we follow in conducting our business and working with those inside and outside of AAR. All of us at AAR—employees, officers and directors—must follow our Code and act with integrity every day. We have a responsibility to do it right. At times, there may be questions that are not answered by our Code. In those situations, you can turn to any of the resources listed in the “Speaking Up” section of the Code to ask a question or report a concern. You’ll never face retaliation for speaking up. As you go about your work for AAR, remember that we are all committed to doing business ethically. Every day, we find a way to be the best—through integrity, honesty and our commitment to Doing It Right. I thank each of you for the important role you play in AAR’s success and reputation for excellence. Sincerely, John M. Holmes President and Chief Executive Officer