<SEC-DOCUMENT>0001104659-26-065610.txt : 20260522
<SEC-HEADER>0001104659-26-065610.hdr.sgml : 20260522
<ACCEPTANCE-DATETIME>20260522131810
ACCESSION NUMBER:		0001104659-26-065610
CONFORMED SUBMISSION TYPE:	SD
PUBLIC DOCUMENT COUNT:		2
<RULE>
<RULE-NAME>13p-1
<ITEM>
<ITEM-NUMBER>1.01
<ITEM-PERIOD>20251231
</ITEM>
<ITEM>
<ITEM-NUMBER>1.02
<ITEM-PERIOD>20251231
</ITEM>
</RULE>
FILED AS OF DATE:		20260522
DATE AS OF CHANGE:		20260522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AAR CORP
		CENTRAL INDEX KEY:			0000001750
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT & PARTS [3720]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				362334820
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		SD
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06263
		FILM NUMBER:		261012474

	BUSINESS ADDRESS:	
		STREET 1:		1100 N WOOD DALE RD
		CITY:			WOOD DALE
		STATE:			IL
		ZIP:			60191
		BUSINESS PHONE:		6302272000

	MAIL ADDRESS:	
		STREET 1:		1100 N WOOD DALE RD
		CITY:			WOOD DALE
		STATE:			IL
		ZIP:			60191

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLEN AIRCRAFT RADIO INC
		DATE OF NAME CHANGE:	19700204
</SEC-HEADER>
<DOCUMENT>
<TYPE>SD
<SEQUENCE>1
<FILENAME>tm2615424d1_sd.htm
<DESCRIPTION>FORM SD
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Washington, D.C.
20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>FORM&nbsp;SD</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Specialized Disclosure Report</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>AAR
CORP.</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Exact name of registrant as specified in its charter) &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 33%"><B>Delaware</B></TD>
    <TD STYLE="text-align: center; width: 34%"><B>1-6263</B></TD>
    <TD STYLE="text-align: center; width: 33%"><B>36-2334820</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; width: 67%"><B>One AAR Place, 1100 N. Wood Dale Road, Wood Dale,&nbsp;Illinois</B></TD>
  <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt; width: 33%"><B>60191</B></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt">(Address of principal executive offices)</TD>
  <TD STYLE="text-align: center; padding-left: 10pt; text-indent: -10pt">(Zip Code)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jessica A Garascia (630) 227-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(</B>Name and telephone number, including area
code, of the person to contact in connection with this report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box to indicate the rule&nbsp;pursuant to which
this Form&nbsp;is being submitted, and provide the period to which the information in this Form&nbsp;applies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 95%">Rule&nbsp;13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January&nbsp;1 to December&nbsp;31,
2025.</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Rule&nbsp;13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended ___________.</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;1 &mdash; Conflict Minerals Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Conflict Minerals Disclosure and Report</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AAR CORP. (the &ldquo;Company&rdquo;) is filing a Conflict Minerals
Report for the calendar year ended December&nbsp;31, 2025 as an exhibit to this Form&nbsp;SD. The Company is also providing a copy of
its Conflict Minerals Report on its public website located at www.aarcorp.com under &ldquo;SEC Reports&rdquo; in the
 &ldquo;Investors&rdquo; section. The content on, or accessible through, any web site referred to in this Form&nbsp;SD is not incorporated
by reference into this Form&nbsp;SD unless expressly noted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 1.02</B></TD><TD><B>Exhibit</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Conflict Minerals Report required by Item 1.01 is filed as Exhibit&nbsp;1.01
to this Form&nbsp;SD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;2 &mdash; Resource Extraction Issuer Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;3 &mdash; Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 1in"><B>Item 3.01 </B></TD>
  <TD><B>Exhibits</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exhibit is filed as a part of this Form&nbsp;SD:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2615424d1_ex1-01.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;1.01 &mdash; Conflict Minerals Report for the calendar year ended December&nbsp;31, 2025 as required by Items 1.01 and 1.02 of this Form&nbsp;SD.</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 49%">AAR CORP.</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 48%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">(Registrant)</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 49%">/s/ JESSICA A. GARASCIA</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 48%">May&nbsp;22, 2026</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Jessica A. Garascia</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">(Date)</TD></TR>
<TR STYLE="vertical-align: top">
  <TD><I>Senior Vice President, General Counsel, Chief Administrative Officer
and Secretary</I></TD>
    <TD>&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-1.01
<SEQUENCE>2
<FILENAME>tm2615424d1_ex1-01.htm
<DESCRIPTION>EXHIBIT 1.01
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;1.01</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AAR CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Conflict Minerals Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the Calendar Year Ended December&nbsp;31,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAR CORP. has prepared this Conflict Minerals
Report (&ldquo;CMR&rdquo;) for the calendar year ended December&nbsp;31, 2025 to comply with Rule&nbsp;13p-1 under the Securities Exchange
Act of 1934, as amended, and the disclosure requirements of Form&nbsp;SD (collectively, the &ldquo;Rule&rdquo;). The Rule&nbsp;was adopted
by the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to implement reporting and disclosure requirements related to conflict minerals
as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Rule&nbsp;imposes reporting obligations on SEC
registrants whose manufactured products contain certain minerals that are necessary to the functionality or production of those products.
The subject minerals are cassiterite, columbite-tantalite, gold, wolframite and their derivatives, which are limited to tin, tantalum
and tungsten (the minerals and their derivatives are collectively referred to in this CMR as the &ldquo;Conflict Minerals&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAR CORP. and its consolidated entities are collectively
referred to in this CMR as &ldquo;AAR,&rdquo; &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; unless
the context indicates otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>Company Overview</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAR is a leading independent provider of solutions
to the global aviation aftermarket. We offer a broad line of products and services to commercial and government aerospace customers. We
have been operating globally in over 20 countries through four business segments: Parts Supply, Repair and Engineering,&nbsp;Integrated
Solutions, and Expeditionary Services, through the third quarter ending February&nbsp;28, 2026. Beginning with financial results for the
fourth quarter and full year ending May&nbsp;31, 2026, we will be reporting through the following four business segments: Parts Supply;
Repair, Engineering, and Software; Government Solutions; and Legacy Commercial Programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Within the business segments, there are four AAR
business units that potentially fit within the scope of the Rule&nbsp;for calendar year 2025. These business units, together with a description
of the principal categories of products that were manufactured by or for those business units in calendar year 2025, are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><B>Business Unit</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 68%"><B>Principal Categories of Products</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="text-align: center">1.</TD>
  <TD>Mobility
Systems business</TD>
    <TD>&nbsp;</TD>
  <TD>Air transportable containers, air cargo pallets, palletized systems,
and mobile shelters used in various military applications and humanitarian efforts</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
  <TD STYLE="text-align: center">2.</TD>
  <TD>Engineering Services
business</TD>
    <TD>&nbsp;</TD>
  <TD>Part&nbsp;design and fabrication, modification kit assembly and engineering for aircraft interior reconfigurations,
structural and systems modifications and avionic upgrades</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="text-align: center">3.</TD>
  <TD>In-Tech
business</TD>
    <TD>&nbsp;</TD>
  <TD>Communications systems and reset programs for
military and emergency services applications and equipment used to integrate such communication systems into vehicles, mobile shelters
or hard-fixed facilities</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
  <TD STYLE="text-align: center">4.</TD>
  <TD>Component Services business</TD>
    <TD>&nbsp;</TD>
  <TD>Maintenance, repair
and overhaul services such as inspect, test, repair or overhaul for global airline operators related to airframe accessories, engine
accessories, nacelles, airframe structures/flight control surfaces, wheels, brakes, and interiors.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In calendar year 2025, we continued to analyze
the products within these business units to determine the use of any Conflict Minerals. We also conducted country of origin inquiries
and due diligence, as required, to determine the sourcing of any Conflict Minerals used in our products. This CMR is based on these efforts
and relates to products within the business units that contain Conflict Minerals that are necessary to their functionality or production,
and for which manufacturing was completed during calendar year 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Reasonable Country of Origin Inquiry (&ldquo;RCOI&rdquo;) Process</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAR does not purchase any raw ore or unrefined
Conflict Minerals used in AAR&rsquo;s products directly from mines, smelters or refiners or have any direct relationships with mines,
smelters or refiners. Therefore, we must rely on our direct suppliers to provide information on the origin of any Conflict Minerals contained
in materials and components supplied to us. Our direct suppliers are similarly reliant upon information provided by their suppliers. Accordingly,
our ability to provide the required Conflict Minerals information depends on the cooperation that we receive from our direct suppliers
and the cooperation they, in turn, receive from their suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the business units identified above analyzed
the relevant design information, bills of materials, and material content data forms used with potentially in-scope suppliers as a part
of AAR&rsquo;s RCOI based on the likelihood that the items purchased from those suppliers contained Conflict Minerals and all new suppliers
for calendar year 2025 were included for surveying. The business units surveyed the in-scope suppliers (the &ldquo;Supplier Group&rdquo;)
using the Conflict Minerals Reporting Template (&ldquo;CMRT&rdquo;) to facilitate disclosure and communication of information regarding
smelters and refiners that provide material to our supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our RCOI was designed to determine whether any
of the Conflict Minerals may be from scrap or recycled sources or if they originated from the Democratic Republic of the Congo, the Republic
of the Congo, the Central African Republic, South Sudan, Uganda, Rwanda, Burundi, Tanzania, Zambia or Angola (the &ldquo;Covered Countries&rdquo;).
We determined that the identification of smelters and refiners by our supply chain is the most reasonable and reliable means for us to
address the source and chain of custody of Conflict Minerals in our supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Supplier Group responses to our surveys revealed
that: some of the Conflict Minerals used in AAR&rsquo;s products may be from scrap or recycled sources; some of the Conflict Minerals
used in AAR&rsquo;s products are sourced from outside the Covered Countries; and some of the Conflict Minerals used in AAR&rsquo;s products
are or may be sourced from the Covered Countries. Since we identified some sourcing from the Covered Countries that were not recycled
or scrap services, we proceeded to perform the due diligence described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>Due Diligence Process</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.1</B></TD><TD><B>Due Diligence Framework</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company designed its due diligence
measures to conform, in all material respects, to the Organisation for Economic Co-operation and Development (&ldquo;OECD&rdquo;) <I>Due
Diligence Guidance for Responsible Supply Chains of Minerals from the Conflict-Affected and High-Risk Areas: Third Edition (2016)</I>,
including the related supplements for gold and for tin, tantalum and tungsten (collectively, the &ldquo;OECD Framework&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.1pt"></TD><TD STYLE="width: 16.95pt"><B>3.2</B></TD><TD><B>Due Diligence Performed</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="width: 34.2pt"><B>3.2.1</B></TD><TD><B>Establish Strong Company Management Systems</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="text-align: left; width: 34.2pt">(a)</TD><TD><U>Conflict Minerals Policy</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Our conflict minerals policy includes
a statement on AAR&rsquo;s commitment to working with our global supply chain to ensure compliance with the Rule. AAR&rsquo;s expectations
for its suppliers to participate in our conflict minerals compliance program are also set forth in the policy. The policy is publicly
available on our website under &ldquo;Corporate Governance&rdquo; in the &ldquo;Investors&rdquo; section. The content on, or accessible
through, any web site referred to in this CMR is not incorporated by reference into this CMR unless expressly noted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="text-align: left; width: 34.2pt">(b)</TD><TD><U>Internal Conflict Minerals Compliance Team</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s Senior Corporate
Counsel leads a team of employees who are responsible for implementing AAR&rsquo;s conflict minerals compliance program and executing
the supply chain reasonable country of origin and due diligence processes (the &ldquo;Compliance Team&rdquo;). The Compliance Team includes
employees from each of the identified business units who work in functions such as engineering services and supply chain. We also retained
outside specialist consultants to advise us in connection with our conflict mineral compliance program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="text-align: left; width: 34.2pt">(c)</TD><TD><U>System of Controls and Transparency over the Mineral Supply Chain</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Because we do not have direct relationships
with smelters or refiners, the Compliance Team continued to survey the Supplier Group using the CMRT which requires the Supplier Group
to work with their upstream supply chain to identify the smelters and refiners that process the Conflict Minerals used in our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.95pt">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 34.2pt">(d)</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt"><U>Company Engagement with Suppliers</U></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Compliance Team e-mailed the respective
members of the Supplier Group to explain AAR&rsquo;s obligations under the Rule&nbsp;and to outline AAR&rsquo;s expectations for the Supplier
Group to cooperate with AAR&rsquo;s request for assistance. The identified business units also used CMRTs to facilitate identifying the
need to gather conflict minerals information at the time of engagement. We also worked with our Supplier Group to answer questions and
provide guidance on our conflict minerals policy or program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="text-align: left; width: 34.2pt">(e)</TD><TD><U>Grievance Mechanism</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">AAR maintains an employee hotline that
allows employees, suppliers and other third parties to report (anonymously, if desired) any questions, concerns or violations of the Company&rsquo;s
standards of conduct, policies, and applicable laws and regulations. AAR has also established an e-mail account which any party can use
to report questions specifically related to our conflict minerals policy or program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="width: 34.2pt"><B>3.2.2</B></TD><TD><B>Identification and Assessment of Risk in the Supply Chain</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Compliance Team tracked the Supplier
Group&rsquo;s completion of the CMRTs. The Compliance Team reviewed responses from the Supplier Group to identify where a supplier indicated
that it was sourcing from a Covered Country. The Compliance Team also tracked the disclosure of smelters to determine whether smelters
were sourcing from a Covered Country and, if so, whether those smelters are identified as conformant by the Responsible Minerals Initiative
(RMI).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="width: 34.2pt"><B>3.2.3</B></TD><TD><B>Strategy to Respond to Identified Risks</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We developed a risk management plan
to address concerns that a supplier may be selling items to AAR that contain Conflict Minerals sourced from the Covered Countries through
a non-certified smelter. Our conflict minerals policy states that, if a supplier is unwilling to support AAR in its conflict minerals
compliance efforts, AAR and its subsidiaries may take remediation steps, up to and including terminating the supplier and pursuing alternative
sourcing arrangements. We also state in our policy that AAR and its subsidiaries may take remediation steps if a supplier cannot determine
whether its materials or products contain Conflict Minerals sourced from the Covered Countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="width: 34.2pt"><B>3.2.4</B></TD><TD><B>Independent Third-Party Audits of Due Diligence Practices at Smelters and Refiners</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We do not have any direct relationships
with smelters or refiners and, therefore, rely upon the Responsible Minerals Assurance Process (&ldquo;RMAP&rdquo;) and other industry
validation efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.95pt"></TD><TD STYLE="width: 34.2pt"><B>3.2.5</B></TD><TD><B>Report on Supply Chain Due Diligence</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">AAR&rsquo;s conflicts minerals policy
is posted to the Company&rsquo;s public website at www.aarcorp.com under &ldquo;Corporate Governance&rdquo; in the &ldquo;Investors&rdquo;
section. Upon filing our Form&nbsp;SD and this CMR with the SEC, a copy of those documents will also be publicly available on our website
under &ldquo;SEC Reports&rdquo; in the &ldquo;Investors&rdquo; section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Due Diligence Results</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our due diligence of our Supplier Group in 2025 yielded the following
results:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Based on our RCOI,
                                            we identified 53 suppliers<SUP>1</SUP> in our Supplier Group and received responses from
                                            34 (64%) of such suppliers. Some of the non-responding suppliers advised us that they believed
                                            they were not within the scope of the Rule.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">26 of our suppliers responded with a completed CMRT. Of those, 18 suppliers (69%) stated that their materials and components contained
Conflict Minerals within the scope of the Rule&nbsp;(the &ldquo;Conflict Minerals Supplier Group&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">14 of the 18 suppliers (78%) in the Conflict Minerals Supplier Group disclosed smelters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Some of our suppliers may have reported
smelters/refiners that were not in our supply chain due to over-inclusiveness in the information they received from their suppliers or
for other reasons. For example, the majority of suppliers reported their sourcing results on a company-wide basis, rather than on a product-specific
basis or were unable to determine the facility or smelter and/or country of origin for the Conflict Minerals contained in their products.
A supplier's failure to identify a specific facility or smelter and/or country of origin at any point in its supply chain will drive an
equivalent response for the Company. In addition, the smelters/refiners that were reported by our suppliers may not include all of the
smelters/refiners in our 2025 supply chain because (i)&nbsp;some of our suppliers were not able to identify all of the smelters/refiners
used to process the necessary Conflict Minerals contained in our in-scope products, and (ii)&nbsp;not all of our suppliers responded to
our inquiries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> In-scope suppliers do not include known distributors
and the suppliers who reported no conflict minerals in prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>5 suppliers of the 14 suppliers in the Conflict Minerals Supplier Group who disclosed smelters claim that they source from a Covered
Country.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">15 of 15 smelters claiming to be sourced from a Covered Country (100%) are listed as Conformant on
                                                                                 RMI&rsquo;s Standard Smelter Lists as of April 8, 2026.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents a summary of the smelters
and refiner information; the smelters/refiners referenced below have been verified as conformant or active by RMI. Smelters and refiners
designated as active are those that are currently engaged in the RMAP but for which a conformance determination has yet to be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Smelters&nbsp;&amp; Refiners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt; width: 79%; border: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Smelters and refiners audited and determined to be RMAP Conformant by RMI</B></FONT></TD>
    <TD STYLE="padding: 5pt; width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">217</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Smelters and refiners determined to be RMAP Active by RMI</B></FONT></TD>
    <TD STYLE="padding: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total RMAP Conformant and Active</B></FONT></TD>
    <TD STYLE="padding: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">224</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>Risk Mitigation Steps</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will continue to take the following steps
to improve our due diligence efforts and to mitigate further any future risk that our products contain Conflict Minerals that could finance
or benefit armed groups in the Covered Countries: (a) continue to communicate to our Supplier Group our expectations and information
requirements for our conflict minerals compliance program; and (b) continue to work with our in-scope suppliers in order to increase
our survey response rate and improve the content of the supplier survey responses.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Independent Audit</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This CMR is not subject to an independent audit
under the Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This CMR 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 &ldquo;Risk Factors,&rdquo; included
in the Company&rsquo;s Form&nbsp;10-K for the fiscal year ended May&nbsp;31, 2025 and in subsequent SEC filings. 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&rsquo;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.</P>

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