The Board of Directors of AAX would like to clarify on the reported articles appearing in (1) Focus Malaysia website on Thursday, 20 February 2020, ENTITLED “AirAsia, AirAsia X minorities should call for EGMs”; and (2) page 1 of StarBiz on Wednesday, 19 February 2020, ENTITLED “Directors gave nod to Fernandes”.

As announced by the Company on 11 February 2020, the Non-Executive Board Committee of the Company has appointed BDO Governance Advisory Sdn Bhd as an independent expert to assist the Company in undertaking a review of the allegations concerning the Company and the review is on-going. In addition, the relevant Malaysian authorities are also conducting their respective investigations. In this respect, the Company is not in a position to comment on the articles at this juncture.

The Company wishes to inform all stakeholders that it has taken all necessary steps and complied with all corporate governance requirements to address the issue at hand.

Notwithstanding, the Company is concerned that the said reported articles have been published without proper context and in reliance of unnamed and undisclosed sources and as such, there may be inaccuracies in such articles. The Company is also concerned that any unsubstantiated reports or articles are premature and may be prejudicial to the interest of the Company, the on-going independent review and the investigations undertaken by the Malaysian authorities.

At this juncture, the Company reserves all comments and shall make the necessary announcement(s) as appropriate when there are further developments to this matter.

This announcement is dated 21 February 2020.