Cathay Pacific Airways Limited

FOR IMMEDIATE RELEASE 28th November 2008

Cathay Pacific Announces Further Measures to Lessen Impact of Financial Crisis

Cathay Pacific Airways today announced a series of new measures that will help the airline deal with a serious downturn in business as a result of the global financial crisis. The measures are: cutting back on planned passenger capacity growth in 2009; offering cabin crew and cockpit crew the opportunity to take voluntary unpaid leave; parking two Cathay Pacific freighters; and requesting a deferral on the construction of the Cathay Pacific Cargo Terminal.

Cathay Pacific Chief Executive Tony Tyler said: "This is a very difficult time for our airline and for the aviation industry as a whole, and we cannot see light at the end of the tunnel at this point. In view of this, and given the impact the current crisis is having on our core business, we have taken a number of measures to help ensure the financial health and long-term well-being of our airline. This is our number-one priority at this time, and we will continue to do all we can to keep our network intact and our team together."

Mr Tyler said the adjustments to the airline's operating plan for next year were "necessary" given the expected global drop in demand. "However, the plan may well have to be revised again depending on how things unfold. Nothing can be set in stone at the moment. Visibility is low and it's hard to predict developments with any real certainty. Flexibility will be the key word in the months ahead."

Source: Cathay Pacific Airways Limited
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