2020 Investor Conference

2019 Level Recovered Only by 2024 • Five years to return to pre-pandemic level of passenger demand • 75% growth forecast for 2021 but RPKs still 36% below 2019 levels RPKs, trillion per year 12 10 00 CO 2 Global RPKs, trillion per year Pre-COVID19 baseline 0 2010 2012 2014 2016 2018 2020 2022 2024 CHINA AIRLINES Source: IATA/Tourism Economics 'Air Passenger Forecasts' July 2020 New baseline Range of uncertainty 13

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