AirAsia X

(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcements dated 29 October 2021, 1 November 2021, 1 December 2021, 16 December 2021, 24 March 2022 and 4 April 2022 where applicable, unless stated otherwise or defined herein)

Reference is made to the Company’s announcements dated 29 October 2021, 1 November 2021, 1 December 2021, 16 December 2021, 3 January 2022, 3 February 2022, 1 March 2022 and 1 April 2022.

The Company is in the midst of regularising its financial position via the Proposed Debt Restructuring, Proposed Corporate Restructuring and Proposed Fundraising and thereafter, the Company will implement a revised business plan to turnaround its financial performance. After the completion of these proposals, the Company will submit a regularisation plan pursuant to PN17 of the Listing Requirements to regularise its condition.

On 4 April 2022, the Company executed the SPV Share Subscription Agreement with Garynma Investments Pte Ltd in relation to the Proposed Share Subscription for an amount of up to RM50.00 million as well as the granting of the Subscription Option to Garynma Investments Pte Ltd.

The Company will make the necessary announcement in relation to any material development accordingly.

The Company has approximately 6 months to submit the regularisation plan to the relevant authorities for approval.

This announcement is dated 5 May 2022.