AirAsia X

(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcements dated 25 April 2024, 26 July 2024, 4 September 2024, 24 September 2024 and 29 September 2025 in relation to the Proposals and Proposed Granting of Subscription Options, where applicable, unless stated otherwise or defined herein.)

Reference is made to the Company’s announcements dated 25 April 2024, 26 July 2024, 1 August 2024, 4 September 2024, 12 September 2024, 24 September 2024, 16 October 2024, 24 October 2024, 24 January 2025, 24 March 2025, 30 May 2025, 31 July 2025, 26 August 2025, 28 August 2025, 18 September 2025, 29 September 2025, 17 October 2025, 29 October 2025, 4 December 2025, 31 December 2025, 6 January 2026, 13 January 2026, 16 January 2026 and 19 January 2026 in relation to the Proposals and Proposed Granting of Subscription Options.

The Company wishes to announce that Garynma had accepted all 3 Subscription Options to subscribe for such number of new Shares representing, in aggregate, 12% of the total issued shares in the Company, i.e. in aggregate 403,299,166 Subscription Shares at the issue price of RM1.65 per Share based on the closing market price of the Shares as at 19 January 2026, being the last trading day prior to the acceptance of the Subscription Options by Garynma.

Accordingly, in view of the aforementioned acceptance, the Subscription Option may be exercised by Garynma at any point of time during a period of 48 months from the date of granting of the Subscription Option, i.e. 48 months from 16 January 2026, to subscribe, in full or in part, for the Subscription Shares. Any Subscription Options not exercised by Garynma within the stipulated period shall lapse and cease to be valid for any purpose.

This announcement is dated 20 January 2026.