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. (“BPPL”), an indirect wholly-owned subsidiary of the Company, had on 2 January 2019 incorporated a wholly-owned subsidiary, Big Pay (Thailand) Ltd. (the “Incorporation”), under the laws of Thailand  as a  company limited by shares for a total registered  share capital of THB2,000,000 (equivalent to RM255,416*) comprising 400,000 ordinary shares. BPPL holds 399,997 ordinary shares and three other individuals (being the nominees of BPPL) hold one ordinary share each in the Incorporation.

The purpose of the Incorporation is to provide financial services in Thailand, including but not limited to e-money products.

The Incorporation will not have any effect on AirAsia’s share capital and substantial shareholders’ shareholding and 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 2019.

The establishment of the Incorporation is not subject to the approval of shareholder of the Company. None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct or indirect, in the Incorporation.

This announcement is dated 29 January 2019.

*Based on exchange rate of THB100:RM12.7708 published on the website of Bank Negara Malaysia on 2 January 2019.