Full Year Financial Results 2020

. RPK Path Depends on New Variants and Policy Response Air travel recovery in 2020 stalled after the summer, RPKs ended year down 70% : domestic -43%, international -85% yoy in 2020. According to IATA's data released on February 24, 2021 RPKs might only grow 13% to average 38% of 2019 levels. Billions per quarter 2500 2000 1500 1000 500 Global RPK Forecast December forecast 2021: +50% y-o-y COVID variant scenario 2021: +13% y-o-y 0 2019 2020 2021 CHINA AIRLINES Source IATA Economics 11

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