COM - Comair Limited - Results of rights offer

(Registration number 1967/006783/06)

Incorporated in the Republic of South Africa

Share code: COM ISIN code: ZAE000029823

("Comair" or "the Company")

RESULTS OF RIGHTS OFFER

Shareholders are referred to the announcements released on SENS on 08 April 2010, 15 April 2010 and 14 May 2010 and the circular dated 3 May 2010 in terms of which Comair announced the raising of R124,517,647 by way of a fully underwritten renounceable rights offer of 69,176,471 new Comair ordinary shares of 1 cent each ("Rights Offer Shares") to qualifying Comair ordinary shareholders and Comair `A` ordinary shareholders (collectively "Shareholders") ("Rights Offer").

The Rights Offer Shares were issued in the ratio of 14 Rights Offer Shares for every 100 Comair ordinary shares or Comair `A` ordinary shares (collectively "Shares") held on the record date for the Rights Offer, being Friday, 30 April 2010 ("Record Date") at a subscription price of 180 cents per Rights Offers Share.

The Rights Offer closed on Friday, 21 May 2010 and the results thereof are set out in the table below.

The Rights Offer was fully underwritten by BB Investment Company (Proprietary) Limited ("BB Investment"), a wholly owned subsidiary of Bidvest Group Limited.

BB Investment will settle the issue price of the Rights Offer Shares which it subscribed for pursuant to its underwriting obligations in cash.

The excess Rights Offer Shares applied for will be allocated to applicants in a manner viewed as equitable in terms of the Listings Requirements of the JSE Limited taking consideration the number of Shares held by the Shareholder prior to the allocation, Rights Offer Shares subscribed for in terms of the Rights Offer and excess Rights Offer Shares applied for.

Excess applications were received for 58 885 288 Rights Offer Shares but as detailed in the Rights Offer circular dated 3 May 2010, allocations in terms of the excess application for additional Rights Offer Shares were only made available to Shareholders on the register of Shareholders on the Record Date and such allocation shall not exceed the amount equal to the number of Rights Offer Shares to which each Shareholder was entitled to at the Record Date.

For Shareholders who have subscribed for Rights Offer Shares:

(I) share certificates will be posted to holders of certificated Shares on or about Monday, 24 May 2010; and

(ii) the Central Securities Depository Participant ("CSDP") or Broker accounts of holders of dematerialised Shares will be credited with the Rights Offer Shares and debited with any payments due on Monday, 24 May 2010.

For Shareholders who have applied for, and been allocated, excess Rights Offer Shares:

(I) share certificates and/or refund cheques will be posted to holders of certificated Shares on or about Wednesday, 26 May 2010; and

(II) the CSDP or Broker accounts of holders of dematerialised Shares will be credited with the excess Rights Offer Shares and debited with any payments due on Wednesday, 26 May 2010.