Cathay Pacific Airways Limited

FOR IMMEDIATE RELEASE

16 November 2001

Cathay Pacific Airways saw continuing weakness in demand for both passenger and cargo services in October due to the global economic downturn and the consequences of September's tragic events. The number of passengers carried declined to 834,086, 16.6% less than the same month last year. The amount of cargo carried was 67,258 tonnes, 9.2% lower than the same month last year. Overall, the volume of passenger traffic, measured in revenue passenger kilometres (RPKs), was 18% lower than the comparable figure in October 2000. The passenger load factor for the month was 64.5%, compared to 74.0% in October last year. Both passenger and cargo yields have also declined as a result of weaker demand. Cathay Pacific's General Manager Revenue Management, Sales & Distribution Ian Shiu said: "The October figures provide a clear illustration of widespread market weakness in demand for both passenger and cargo services. We have responded with selective reductions in frequency and schedule capacity, but remain focused on maintaining the integrity of our network and progressively rebuilding public confidence."

TRAFFIC October 2001 % change vs Oct2000 Cumulative Jan - Oct 2001 Cumulative Jan - Oct 2000 % change RPK (000) - Europe 879,819 -18.9% 9,279,281 9,999,374 -7.2% - Pacific and South Africa 1,325,715 -18.1% 15,146,351 15,925,783 -4.9% - North Asia 501,200 -20.6% 6,029,763 6,122,078 -1.5% - Southeast Asia and Middle East 625,931 -14.0% 7,217,135 7,274,931 -0.8% RPK Total (000) 3,332,665 -18.0% 37,672,532 39,322,168 -4.2% Pax carried 834,086 -16.6% 9,478,555 9,920,998 -4.5% Cargo and mail tonne km (000) 380,579 -9.2% 3,187,469 3,391,083 -6.0% Freight carried (000 kg) 67,258 -9.2% 572,063 631,606 -9.4% Number of flights 2,209 0.8% 21,659 20,266 6.9%

CAPACITY October 2001 % change vs Oct 2000 Cumulative Jan - Oct 2001 Cumulative Jan - Oct 2000 % change ASK (000) - Europe 1,130,091 -12.0% 11,694,313 12,045,090 -2.9% - Pacific and South Africa 2,041,725 -9.8% 21,185,482 20,886,261 1.4% - North Asia 878,416 3.7% 8,527,897 8,233,585 3.6% - Southeast Asia and Middle East 1,117,276 1,7% 11,459,534 9,882,438 16.0% ASK Total (000) 5,167,508 -5.9% 52,867,227 51,047,374 3.6% Pax load factor 64.5% -9.5pt 71.3% 77.0% -5.8pt Available cargo and mail tonne km (000) 520,912 -6.6% 4,811,843 4,692,412 2.5% Cargo and mail load factor (000 kg) 73.1% -2.1pt 66.2% 72.3% -6.0pt ATK(000) 1,012,431 -6.3% 9.840,380 9,549,721 3.0%

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