Settlement In Respect Of SAA’s Anti-Competitive Travel Agent Incentive Schemes Comair Limited (Incorporated in the Republic of South Africa) (Registration Number: 1967/006783/06) ISIN: ZAE00002983 Share Code: COM (“Comair” or “the Company”) SETTLEMENT IN RESPECT OF SAA’S ANTI-COMPETITIVE TRAVEL AGENT INCENTIVE SCHEMES Shareholders are referred to the announcement released on SENS on 15 February 2017 wherein the Company advised shareholders that the South Gauteng High Court has handed down judgement in respect of Comair’s case initiated against South African Airways SOC Limited (“SAA”) 14 years ago in respect of its anti-competitive travel agent incentive schemes. The Company is pleased to advise shareholders that it has entered into a full and final settlement agreement with SAA (“Settlement Agreement”) which Settlement Agreement was made an order of court by the Supreme Court of Appeal (“SCA”) In terms of the Settlement Agreement, SAA will pay Comair a settlement amount of R1 108 040 000 plus interest (“Settlement Amount”). The Settlement Amount will be made in accordance with a payment schedule commencing on 28 February 2019 and terminating on 28 July 2022, or earlier should SAA elect to elect to make payments earlier than agreed. In additional, SAA will pay Comair’s taxed legal costs incurred to date. Both Comair and SAA will withdraw the appeal and cross-appeal currently pending before the SCA. Bonaero Park 15 February 2019 Sponsor PSG Capital IMPORTANT NOTICE TO FOREIGN SHAREHOLDERS AND PROSPECTIVE INVESTORS FOREIGN SHAREHOLDERS AND PROSPECTIVE INVESTORS IN COMAIR LIMITED (“COMAIR”) SHOULD NOTE THAT, IN ORDER TO ENABLE COMAIR (AS A LICENSED AIR SERVICES OPERATOR IN SOUTH AFRICA) TO REMAIN COMPLIANT WITH THE FOREIGN OWNERSHIP RESTRICTION CONTAINED SECTIONS 16(4)(c) AND 19(a) OF THE AIR SERVICES LICENSING ACT, NO. 115 OF 1990, THE VOTING RIGHTS OF FOREIGN SHAREHOLDERS MAY BE DECREASED PROPORTIONATELY SUCH THAT THE VOTING RIGHTS OF FOREIGN SHAREHOLDERS DO NOT, IN AGGREGATE, EXCEED 24.99%. FOREIGN SHAREHOLDERS AND PROSPECTIVE INVESTORS ARE REFERRED TO THE COMAIR’S MEMORANDUM OF INCORPORATION AND WEBSITE (www.comair.co.za) FOR FURTHER DETAILS. IF FOREIGN SHAREHOLDERS OR PROSPECTIVE INVESTORS ARE IN ANY DOUBT AS TO WHAT ACTION TO TAKE THEY SHOULD SEEK ADVICE FROM THEIR BROKER, ATTORNEY OR OTHER PROFESSIONAL ADVISER. Date: 15/02/2019 03:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.