COVID-19 Impact on Air Cargo Capacity

Drivers of Air Cargo Demand Remained Generally Supportive • Global manufacturing PMI was at 53.5 in January 2021, where anything above 50 indicates expansion. • International cargo tonne-kilometres (FRTK) in February 2021 was 9.6% higher comparing with the same month in 2019. Monthly Data From Manufacturing PMIs International FRTK Growth versus The Same Month in 2019 New export orders* Legend: >50 and rising = green; >50 but stable or falling = yellow; <50 = 2020 2021 Industry Feb 2021 Jan 2021 9.6% 4.2% World Developed Markets European Union Germany Japan Korea UK US Emerging Markets Brazil China India Indonesia Mexico Russia Highly supportive Partly supportive Least supportive CHINA AIRLINES Africa 44.2% 22.4% N. America 17.4% 15.3% Asia Pacific 10.5% 0.1% 8.8% Middle East 6.8% 4.7% Europe 1.3% L. America -20.5% -17.5% -30% -20% Source IATA Economics, IATA Markit -10% 0% 10% 20% 30% International cargo tonne kilometres (% year-on-2019) 40% 50% 13

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