Pursuant to Paragraph 9.19 (23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of AirAsia wishes to announce that Big Pay Pte. Ltd., its wholly-owned subsidiary, has on 18 December 2018 incorporated a wholly-owned subsidiary, BigPay Singapore Pte. Ltd. (“BigPay SG”) in Singapore. The purpose of incorporating BigPay SG is to provide financial services in Singapore, including but not limited to e-money products.

The total issued share capital of BigPay SG is SGD 1 (equivalent to RM3.0473*) comprising of 1 ordinary share. The incorporation of BigPay SG is not expected to have any material effect on the earnings per share, net assets per share as well as the gearing of the Company for the financial year ending 31 December 2018.

The establishment of BigPay SG is also not subject to the approval of shareholders of the Company or any other regulatory authorities in Singapore.

None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct or indirect, in the incorporation of such subsidiary.

This announcement is dated 19 December 2018.

* Based on exchange rate of SGD1.00:RM3.047 published on the Bank Negara Malaysia website on 18 December 2018.