2022Q1 Cargo Performance

China lockdown and Ukraine-Russia conflict weaken global supply chain strain, but air rate is still in historical high Asia pacific supply and demand(change% with 2019) Demand decreased in Mar.2022 USD/kg 2022/2021 average air rete $6 ✈ ✈ Air cargo growth starts to slowdown 15% ✈ West coast workers negotiation 10% 5% 2019 level $5 $4 2022 2021 $3 -5.4% $2 -16.0% $1 0% -5% -10% -15% -20% -25% Capacity shortage -30% Jan Mar May Jul Sep Nov Jan Mar 2021 2022 CHINA AIRLINES $0 40 W1 W5 W10 W15 W20 Sources: IATA - Freightos 17

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