Salus Acquired Airwork NZ Ltd

Salus, December 22, 2022 - Further to recent updates regarding the Salus Aviation purchase of Airwork Helicopters, we are pleased to advise that the acquisition has been finalised and the purchase has concluded.

This acquisition includes all Airwork Helicopters operating divisions - Aircraft Leasing, Aircraft Sales, Helicopter Operations, Helicopter Maintenance and Engineering and includes all business operations worldwide.

Please note it does not include the Airwork Fixed Wing business operations.

Effective December 22, Airwork Helicopters business is owned by Salus Aviation. Salus Aviation Group is majority owned by New Zealand’s leading merchant bank Bancorp Group Limited. Our shareholders Bancorp, are supported by Pricoa Private Capital and Prudential Assurance (USA) who are our funding partners for this transaction.

We would like to thank you for your patience and support as we have worked through this process and wish you all a very Merry Christmas

Airwork Holdings Limited

Salus - November 30, 2022 - Advising of our conditional Agreement with Airwork Holdings Limited to purchase the businesses and assets of Airwork Helicopters, we are pleased to provide an update on progress.

As previously advised the purchase will include all Airwork Helicopters operating divisions - Aircraft Leasing, Aircraft Sales, Helicopter Operations, Helicopter Maintenance and Engineering and includes all business operations worldwide. Please note it does not include the Airwork Fixed Wing business operations.

We have now completed our due diligence and both parties are now in the process of finalising approvals required to complete this transaction. We had targeted this to be completed by 30 November however these conditions are still in the process of being finalised. This will result in a short delay to the process.