COMAIR LIMITED - Request for Extension

Request for Extension

Comair Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1967/006783/06)
ISIN: ZAE00002983
Share Code: COM
(“Comair” or “the Company”)

REQUEST FOR CREDITORS' CONSENT IN TERMS OF SECTION 150(5) OF THE
COMPANIES ACT 71 OF 2008 FOR EXTENSION OF THE PUBLICATION OF THE
BUSINESS RESCUE PLAN

BACKGROUND

   •    Section 150(5) of the Companies Act 71 of 2008 ("the Companies Act") requires that
       the business rescue plan for the Company must be published within 25 business days
       after the date on which the Practitioners were appointed, or such longer time as may
       be allowed by the holders of a majority of the creditors’ voting interests. In this regard,
       the Publication Date has previously been extended to 28 August 2020.

   •   The Practitioners have now received a final binding offer from the preferred investors
       late this afternoon, and the terms of this offer must now be incorporated into a business
       rescue plan.

CONSENT

   •   In light of the above, the Practitioners are seeking the consent of a majority of the
       creditors to extend the Publication Date in terms of section 150(5)(b) of the Companies
       Act (“Consent”) to Wednesday, 2 September 2020.

   •   In this regard, insofar as any creditor may have an objection to this request for an
       extension, that creditor is kindly required to note such objection in writing by not later
       than noon (South African Standard Time) on Monday, 31 August 2020 to
       creditorclaims@comair.co.za.

   •   Please note that, if in respect of any creditor, we do not receive a written objection to
       this requested extension by not later than noon (South African Standard Time) on
       Monday, 31 August 2020, then such failure to so object in writing will be construed as
       a vote by that creditor in favour of our request for an extension and that creditor will be
       deemed to have approved our request for an extension.

28 August 2020

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: 28-08-2020 05:01:00
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