AAX-C29 - Notice of Book Closure

ADJUSTMENT TO THE TERMS AND CONDITIONS OF THE EUROPEAN STYLE NON-COLLATERALISED CASH SETTLED CALL WARRANTS OVER ORDINARY SHARES OF AIRASIA X BERHAD ("AAX") ("AAX-C29") PURSUANT TO A ISSUANCE OF UP TO 223,536,401 FREE WARRANTS IN AAX ("WARRANTS") ON THE BASIS OF 1 WARRANT FOR EVERY 2 ORDINARY SHARES IN AAX ("SHARES") HELD BY THE ENTITLED SHAREHOLDERS OF AAX AT 5.00 P.M. ON 18 DECEMBER 2025 ("ENTITLED SHAREHOLDERS") ("BONUS ISSUE")

Kindly be advised of the following :

1) The above Company's securities will be traded and quoted "Ex - Adjustment” as from: 17 Dec 2025

2) The last date of lodgment : 18 Dec 2025

Remarks :

In accordance with Part 1 of the Deed Poll dated 22 October 2024, the Terms of AAX-C29 will be adjusted as follows:

a. Adjusted Exercise Ratio = [ (1 + (R/S) x M) / (1 + M) ] x E

b. Adjusted Exercise Price = [ (1 + (R/S) x M) / (1 + M) ] x X

whereby:

R = RM1.6400, being the exercise price per Warrants under the Bonus Issue 

S = Closing price of the AAX shares on the last market day on which the AAX shares are traded on a cum-entitlement basis

M = 0.5000, being the number of Warrants (whether a whole or fraction) per existing AAX share held by the entitled shareholders

X = RM1.8000, being the existing Exercise Price of AAX-C29 immediately prior to the Bonus Issue

E = 2.5000, being the existing Exercise Ratio of AAX-C29 immediately prior to the Bonus Issue

Please note the Exercise Price and Exercise Ratio shall only be adjusted if:

(i) the Warrants are theoretically in-the-money as at the last market day on which the AAX shares are traded on a cum-entitlement basis (i.e. S is larger than R); and 

(ii) the adjustment would result in greater than or equal to two percent (2%) of the Exercise Price and Exercise Ratio being changed.

We shall make the announcement on the actual adjustments to AAX-C29 on the Last Cum Date (i.e. 16 December 2025).

No adjustment shall be made to the Exercise Ratio or the Exercise Price if the adjustment would amount to less than 2% of the Exercise Ratio or the Exercise Price being changed.