Reply to Exchange's Query

We write in response to your letter dated 31 January 2019 requesting for additional information with respect to our disclosure dated 29 January 2019 where we announced that ANA Holdings, Inc. (“ANA HD”) entered into an agreement with Trustmark Holdings Corporation (“Trustmark”), the majority shareholder of PAL Holdings, Inc. (the “Company”), pursuant to which ANA HD will acquire 9.5% of the outstanding shares of the Company.

Refer to full documentation in the attachments box below.

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This press release was sourced from PAL Holdings on 08-Feb-2019.