Traffic Figures

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CATHAY PACIFIC AIRWAYS LIMITED

國泰航空有限公司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 293)

November 2014 Traffic Figures

The appended press release contains combined traffic figures for November 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 December 2014

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15 December 2014

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

Cathay Pacific Airways today released combined Cathay Pacific and Dragonair traffic figures for November 2014 that show passenger volumes increasing compared to the same month last year, but failing to keep pace with the growth in capacity. The cargo and mail tonnage uplifted continued to show strong year-on-year growth.
Cathay Pacific and Dragonair carried a total of 2,569,508 passengers in November - an increase of 3.7% compared to the same month in 2013. The passenger load factor fell by 0.9 percentage points to 80.4% while capacity, measured in available seat kilometres (ASKs), increased by 5.0%. For the year to the end of November, passenger volumes were up by 5.4% compared to a 5.9% increase in capacity.
The two airlines carried 165,102 tonnes of cargo and mail last month, an increase of
12.0% compared to November last year. The cargo and mail load factor rose by 4.7 percentage points to 68.4%. Capacity, measured in available cargo/mail tonne kilometres, rose by 5.3% while cargo and mail revenue tonne kilometres (RTKs) flown were up by 13.1%. For the year to the end of November, tonnage rose by
11.9% while capacity was up 10.7% and RTKs increased by 14.8%.
Cathay Pacific General Manager Revenue Management Patricia Hwang said: "The growth in passenger traffic was again below expectations in November. Unlike in the previous month, we believe some of the shortfall was attributable to the protests taking place in Hong Kong. The overall trends were similar to October, with weaker- than-expected demand in the premium cabins and the growth in traffic on North America routes falling well short of the big increase in capacity. The positive areas were North Asia, with traffic to Japan boosted by the depreciation of the yen, and continuing strong demand to and from Europe and Australia/New Zealand."
Cathay Pacific General Manager Cargo Sales & Marketing Mark Sutch said: "The demand for air cargo shipments remained very robust throughout November, again driven primarily by strong traffic on the transpacific lanes. Our business was helped by the bottlenecks in seaports on the West Coast of the USA, leading to more shipments being moved by air. Intra-Asian traffic remained robust in November, and it was a better month for our cargo business in Europe, helped by big shipments of the new-release Beaujolais out of France. We carried close to 2,000 tonnes of the wine in total, most of it bound for Japan."
The full November figures are on the next page.

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CATHAY PACIFIC /

DRAGONAIR COMBINED TRAFFIC

NOV

2014

% Change

VS NOV 2013

Cumulative

NOV 2014

%

Change

YTD

RPK (000)

- Mainland China

687,452

5.8%

7,769,829

2.2%

- North East Asia

1,212,325

8.6%

13,364,632

10.2%

- South East Asia

1,349,605

6.8%

13,623,194

2.2%

- India, Middle East, Pakistan &

Sri Lanka

660,798

0.2%

7,861,416

6.9%

- South West Pacific & South

Africa

1,223,492

7.9%

13,833,509

8.8%

- North America

2,443,969

5.3%

28,839,015

15.8%

- Europe

1,331,220

-7.7%

17,090,008

-1.4%

RPK Total (000)

8,908,861

3.8%

102,381,603

7.3%

Passengers carried

2,569,508

3.7%

28,797,130

5.4%

Cargo and mail revenue tonne km (000)

998,147

13.1%

9,110,001

14.8%

Cargo and mail carried (000kg)

165,102

12.0%

1,566,636

11.9%

Number of flights

6,341

4.0%

68,810

5.0%

CATHAY PACIFIC /

DRAGONAIR COMBINED CAPACITY

NOV

2014

% Change

VS NOV 2013

Cumulative

NOV 2014

%

Change

YTD

ASK (000)

- Mainland China

946,915

0.1%

10,304,243

-2.2%

- North East Asia

1,495,488

9.7%

16,749,422

8.4%

- South East Asia

1,620,562

6.7%

16,854,071

1.5%

- India, Middle East, Pakistan &

Sri Lanka

822,520

-11.3%

9,856,028

1.0%

- South West Pacific & South

Africa

1,470,313

4.8%

16,330,158

2.8%

- North America

3,112,240

16.9%

33,408,338

19.1%

- Europe

1,617,275

-6.7%

19,387,886

-1.9%

ASK Total (000)

11,085,313

5.0%

122,890,146

5.9%

Passenger load factor

80.4%

-0.9pt

83.3%

1.1pt

Available cargo/mail tonne km

(000)

1,459,945

5.3%

14,260,378

10.7%

Cargo and mail load factor

68.4%

4.7pt

63.9%

2.3pt

ATK (000)

2,514,230

5.2%

25,946,693

8.5%

FOR FURTHER INFORMATION PLEASE CONTACT:

Ivan Chan, Corporate Communication Manager - Public Affairs, 2747-3837, email: ivan_c_chan@cathaypacific.com
Catherine Sin, Assistant Corporate Communication Manager - Public Affairs, 2747-5694, email: catherine_sin@cathaypacific.com
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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