Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CATHAY PACIFIC AIRWAYS LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 293) March 2014 Traffic Figures

The appended press release contains combined traffic figures for March 2014 for Cathay Pacific Airways Limited ("Cathay Pacific") and its wholly owned subsidiary, Hong Kong Dragon Airlines Limited ("Dragonair"). The information in the press release may be price sensitive. This announcement containing the press release is accordingly being issued pursuant to Part XIVA of the Securities and Futures Ordinance. The information in the press release has been prepared on the basis of internal management records. It has not been audited or reviewed by external auditors.

This announcement is issued by Cathay Pacific pursuant to Part XIVA of the Securities and

Futures Ordinance.

The information in this announcement has been prepared on the basis of internal management records. It has not been audited or reviewed by external auditors.

Investors are advised to exercise caution in dealing in shares of Cathay Pacific.

As at the date of this announcement, the Directors of Cathay Pacific are:

Executive Directors: John Slosar (Chairman), James Barrington, Ivan Chu, Rupert Hogg, Martin Murray;

Non-Executive Directors: Cai Jianjiang, Fan Cheng, James W.J. Hughes-Hallett, Peter

Kilgour, Ian Shiu, Song Zhiyong, Merlin Swire, Zhao Xiaohang;

Independent Non-Executive Directors: Irene Lee, Jack So, Tung Chee Chen and Peter Wong.

By Order of the Board

Cathay Pacific Airways Limited

David Fu

Company Secretary

Hong Kong, 15th April 2014

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15 April 2014

FOR IMMEDIATE RELEASE CATHAY PACIFIC RELEASES COMBINED TRAFFIC FIGURES FOR MARCH 2014

Cathay Pacific Airways today released combined Cathay Pacific and Dragonair traffic figures for March 2014 that show passenger numbers increasing compared to last year, but failing to keep pace with the capacity rise, while a double-digit increase in cargo and mail tonnage was recorded.
Cathay Pacific and Dragonair carried a total of 2,600,590 passengers in March - an increase of 2.0% compared to the same month last year. The passenger load factor fell by 1.1 percentage points to 82.3%, while capacity, measured in available seat kilometres (ASKs), increased by 5.7%. In the first quarter of 2014, the passenger volume rose by 4.3% compared to a 4.0% increase in capacity.
The two airlines carried 155,352 tonnes of cargo and mail in March, an increase of
13.8% compared to the same month last year. The cargo and mail load factor rose by 0.3 percentage points to 66.7%. Capacity, measured in available cargo/mail tonne kilometres, rose by 18.8% while cargo and mail revenue tonne kilometres flown were up by 19.3%. In the first quarter of 2014, tonnage rose by 3.9% against a capacity increase of 9.2%.
Cathay Pacific General Manager Revenue Management James Tong said: "We saw a significant increase in capacity in March with new services beginning to Newark in the USA and Doha in the Middle East. The number of passengers we carried saw a year-on-year increase but the picture was distorted by the Easter peak beginning in March in 2013. This year, March is sandwiched in between holiday peaks in February and April, which had an impact on leisure travel in the region. Demand in the premium cabins was in line with expectations, though yield was under pressure in all classes of travel."
Cathay Pacific General Manager Cargo Sales & Marketing Mark Sutch said: "After a poor start to the year in January and February, our cargo business benefited from a significant upsurge in traffic last month. There was a strong pick-up in demand out of both Hong Kong and Mainland China and we were able to operate close to a full freighter schedule for much of the month along with a number of extra sectors. There was strong demand to and from the USA and we launched another destination, Columbus, Ohio, during the month. Our recently launched services to Guadalajara and Mexico City also saw healthy loads."
The full March figures are on the next page.

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CATHAY PACIFIC /

DRAGONAIR COMBINED TRAFFIC

MAR

% Change

Cumulative

%

Change

2014

VS MAR 2013

MAR 2014

YTD

RPK (000)

- Mainland China

707,137

0.7%

2,083,953

2.8%

- North East Asia

1,199,774

4.8%

3,423,464

7.9%

- South East Asia

1,242,632

-0.3%

3,589,890

0.8%

- India, Middle East, Pakistan &

Sri Lanka

725,529

0.9%

2,037,819

3.9%

- South West Pacific & South

Africa

1,164,190

1.9%

3,802,528

2.7%

- North America

2,561,665

16.7%

7,190,079

15.6%

- Europe

1,486,440

-5.0%

4,403,663

1.4%

RPK Total (000)

9,087,367

4.3%

26,531,396

6.2%

Passengers carried

2,600,590

2.0%

7,525,869

4.3%

Cargo and mail revenue tonne km (000)

907,836

19.3%

2,209,178

7.3%

Cargo and mail carried (000kg)

155,352

13.8%

387,602

3.9%

Number of flights

6,192

4.2%

18,067

4.0%

CATHAY PACIFIC /

DRAGONAIR COMBINED CAPACITY

MAR

% Change

Cumulative

%

Change

2014

VS MAR 2013

MAR 2014

YTD

ASK (000)

- Mainland China

943,031

-1.6%

2,803,904

-0.1%

- North East Asia

1,465,975

4.0%

4,310,075

1.2%

- South East Asia

1,481,726

-1.8%

4,438,269

-1.3%

- India, Middle East, Pakistan &

Sri Lanka

945,146

0.8%

2,727,386

1.5%

- South West Pacific & South

Africa

1,460,140

0.5%

4,514,107

-0.8%

- North America

3,003,836

23.2%

8,231,617

16.6%

- Europe

1,746,656

-0.1%

5,112,326

1.7%

ASK Total (000)

11,046,510

5.7%

32,137,684

4.0%

Passenger load factor

82.3%

-1.1pt

82.6%

1.7pt

Available cargo/mail tonne km

(000)

1,360,194

18.8%

3,528,974

9.2%

Cargo and mail load factor

66.7%

0.3pt

62.6%

-1.1pt

ATK (000)

2,410,679

12.7%

6,585,272

6.7%

FOR FURTHER INFORMATION PLEASE CONTACT:

Ivan Chan, Corporate Communication Manager-Public Affairs, 2747-3837, email:

ivan_c_chan@cathaypacific.com

Carol Ng, Assistant Corporate Communication Manager-Public Affairs, 2747-5652, email:

ka_ng@cathaypacific.com

Media Enquiries: 2747-5393

The Cathay Pacific Website can be found at www.cathaypacific.com

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Glossary Terms: Available seat kilometres ("ASK")

Passenger seat capacity, measured in seats available for the carriage of passengers on each sector multiplied by the sector distance.

Available tonne kilometres ("ATK")

Overall capacity measured in tonnes available for the carriage of passengers, excess baggage, cargo and mail on each sector multiplied by the sector distance.

Available cargo/mail tonne kilometres

Cargo capacity measured in tonnes available for the carriage of cargo and mail on each sector multiplied by the sector distance.

Revenue passenger kilometres ("RPK")

Number of passengers carried on each sector multiplied by the sector distance.

Cargo and Mail revenue tonne kilometres

Traffic volume, measured in load tonnes from the carriage of cargo and mail on each sector multiplied by the sector distance.

Ratio:

Revenue passenger kilometres/ Cargo and mail revenue tonne kilometres

Passenger/Cargo and mail load factor = ----------------------------------------------------

Available seat kilometres/
Available cargo and mail tonne kilometres

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