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Cathay Pacific Airways Limited

FOR IMMEDIATE RELEASE 18th March 2002

Cathay Pacific Announces February 2002 Traffic Figures

Cathay Pacific Airways today released traffic figures for February 2002, reflecting the busy Chinese New Year travel season. The airline carried 943,181 passengers in February 2002, an 8.3% rise from February 2001.

The volume of passenger traffic for February 2002 measured in terms of revenue passenger kilometres (RPK) rose by 7.2% against the same month last year, and the passenger load factor for the month was 78.4%.

The airline's high reported load factor reflected a reduction in capacity and the operation of 7.6% fewer available seat kilometres (ASK), due to a reduction in the number of ultra-long-haul European and trans-Pacific flights.

Sharp discounting forced by very competitive market conditions and fewer passengers flying in First and Business Class continued to depress the average price paid for each ticket.

The actual Chinese New Year holiday, when many businesses close, had an adverse impact on cargo. Shipments fell 1.0% from the same month last year to 55,029 tonnes.

Cathay Pacific's General Manager Revenue Management, Sales & Distribution Ian Shiu said: "It's always hard to make meaningful month-on-month comparisons early in the year when the Chinese New Year falls in different months. Taking January and February figures together, passenger numbers rose slightly -- up 2.2%. But demand for First and Business Class travel is still weak, and competitive discounting in what remains a very tough sales environment means that average fares are much lower than last year."

TRAFFIC

February 2002

% change
vs Feb 01

Cumulative
February
2002

Cumulative
February
2001

% change

RPK (000)

- Europe

783,565
-2.7%
1,631,026
1,742,894
-6.4%

- Pacific and South Africa

1,460,267
8.5%
3,211,117
3,108,352
3.3%

- North Asia

624,188
5.0%
1,195,922
1,209,829
-1.1%

- Southeast Asia and Middle East

756,220
18.7%
1,522,880
1,391,142
9.5%

RPK Total (000)

3,624,241
7.2%%
7,560,945
7,452,218
1.5%

Pax carried

943,181
8.3%
1,904,148
1,862,944
2.2%

Cargo and mail tonne km (000)

298,497
2.0%
609,868
559,980
8.9%

Freight carried (000 kg)

55,029
-1.0%
133,577
105,484
7.7%

Number of flights

2,006
1.8%
4,176
4,129
1.1%

CAPACITY

February 2002

% change
vs Feb 01

Cumulative
February
2002

Cumulative
February
2001

% change

ASK (000)

- Europe

990,466
-14.2%
2,075,890
2,435,239
-14.8%

- Pacific and South Africa

1,714,988
-15.8%
3,787,700
4,306,827
-12.1%

- North Asia

861,555
10.6%
1,744,915
1,645,115
6.1%

- Southeast Asia and Middle East

1,055,341
2.3%
2,207,519
2,181,265
1.2%

ASK Total (000)

4,622,349
-7.6%
9,816,023
10,568,446
-7.1%

Passenger load factor
78.4%
10.8pt
77.0%
70.5%
6.5pt

Available cargo/mail tonne km (000)

440,784
1.9%
928,288
883,760
5.0%

Cargo and mail load factor (000 kg)

67.7%
0.0%
65.7%
63.4%
2.3%

ATK(000)

880,468
-3.1%
1,862,109
1,888,984
-1.4%
Source: Cathay Pacific Airways Limited
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