2023Q1 Operating Performance

2023 Global Market Outlook ✈ 2023 H1 Forecast the global demand decrease while supply increase. ✈ 2023 H2 With the continuous reduction and adjustment of inventory in the industrial supply chain, and the forecasts of related industries, the demand for air cargo is expected to stabilize. 2022 01 Forecast 2010-19 Avg of GDP Growth Rate (YOY) Load Factor Global GDP Forecast International Air Cargo Market 8.0 (%) 2023 03 Forecast 2022 12 Forecast 20% 80% 10% 60% 0% -10% 40% -20% 20% -30% -40% 0% 2019 2020 2021 2022 2023 -FRTK FATK Load Factor CHINA AIRLINES World GDP Growth (%) 6.0 40 4.0 2.0 00 0.0 -2.0 -4.0 2018 2019 2020 2021 2022 2023 2024 2025 Source: IATA Boeing (S&P Global dated March 2023) 29

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