(The abbreviations used throughout this announcement shall have the same meaning as defined in the announcement dated 6 October 2020 and 14 December 2020 in relation to the Proposals, where applicable, unless stated otherwise or defined herein.)

Reference is made to the announcements dated 6 October 2020, 7 October 2020, 9 October 2020, 4 November 2020, 5 November 2020, 19 November 2020, 14 December 2020, 5 January 2021 and 29 January 2021 in relation to the Proposals.

On behalf of the Board of Directors of AAX, Mercury Securities Sdn Bhd wishes to announce that the High Court of Malaya at Kuala Lumpur has, pursuant to AAX’s applications under Section 366 of the Companies Act, 2016 made, amongst others, the following order:-

Subject to the aircraft lessors of lease agreements with AAX being treated as unsecured creditors and placed in Class B creditors and Airbus SAS being treated as an unsecured creditor to be placed in a separate class from Class B creditors, an order for AAX to, amongst others, convene separate meetings of the creditors  pursuant to Section 366(1) of the Companies Act, 2016 within 180 days from the date of the order for the purpose of considering and, if thought fit, approving with or without modification the Proposed Debt Restructuring to be proposed by AAX and the creditors.

Any further development on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 22 February 2021.