The Board of Directors of the Company wishes to announce that the Company, through its wholly-owned subsidiary, AAAGL, has on 9th December 2022 executed the following agreements with the purpose of forging a joint venture with Sivilai Asia Co., Ltd (“Sivilai Asia”) (Registration No: 1000120163, a company incorporated in Phnom Penh, Cambodia having its head office at House No. 25s2 Room 1, Street 268, Chakto Mukh, Doun Penh, Phnom Penh, Cambodia) to establish a low cost airline in the Kingdom of Cambodia based on the successful AirAsia business model:

1. A Share Subscription Agreement for AAAGL to invest 51% and Sivilai Asia to invest the remaining 49% of the issued and paid-up capital of a Cambodian joint venture company to be incorporated under the name AirAsia (Cambodia) Co., Ltd’ or similar name approved by the relevant Governmental Authorities (“AirAsia Cambodia”); and

2. A Shareholders Agreement with Sivilai Asia to operate, if permitted by the relevant Governmental Authorities, low cost passenger air transportation and ancillary services on domestic routes in Cambodia and on international routes. The agreement records rights and obligations of each party relating to the operation and management as well as their shareholding in AirAsia Cambodia.

Please refer to the attachment for further details.

This announcement is dated 9 December 2022.