2022Q1 Cargo Performance

Overall business environment ✈ Pax market following by the border restriction ease, international RPK has recovered to 50% compared with pre-covid level. ✈ Cargo market: cargo capacity is still below 2019 level due to the Omicron outbreak leading to lockdown in China and the Ukraine-Russia conflict threat further weaken global supply chains, making, growth trend turned negative in March for the first time for the past year. % ch vs the same month in 2019 Load factor % ch vs the same month in 2019 International Cargo market trend change% with 2019 20% International Pax market trend change% with 2019 100% 20% 100% FTK (LHS) 10% 0% Load 80% 80% -20% factor (RHS 0% Load 60% factortR 60% -10% -40% ASK (LHS) 40% -20% CTK (LHS) 40% -60% -30% 20% 20% -80% RPK(LHS) -40% -100% 0% -50% 2020 2021 2022 2020 2021 0% 2022 CHINA AIRLINES IATA Economics 14

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