Cathay Pacific Airways : Change of Directors

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CATHAY PACIFIC AIRWAYS LIMITED

國泰航空有限公司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 293) Change of Directors

The Board of Directors (the "Board") of Cathay Pacific Airways Limited ("Cathay Pacific" or the "Company") announces that:

1. Mr. FAN Cheng has resigned as a Non-Executive Director; and

2. Mr. XIAO Feng has been appointed as a Non-Executive Director, such resignation and appointment to take effect on 1st January 2017.

Mr. FAN Cheng has confirmed that he is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. He has also confirmed that his resignation is due to his retirement and that he is not aware of any disagreement with the Board. The Board would like to express its gratitude to Mr. FAN Cheng for his outstanding contributions and wise counsel as a Director of the Company during the seven years since his appointment as such on 27th November 2009 and offers its best wishes to him.

Mr. XIAO Feng, aged 48, is Chief Financial Officer of Air China Limited ("Air China") which is a substantial shareholder of Cathay Pacific. He graduated from Harbin Civil Engineering & Architectural Institute majoring in management engineering. He holds an undergraduate degree and is a senior accountant. He started his career in July 1990, and served as an accountant of the Infrastructure Office, Deputy Section Chief and Section Chief of the Finance Office, Treasury Manager of the Finance Department and Deputy General Manager of the Finance Department of Air China and the Chief Financial Officer and Deputy General Manager of Shandong Airlines Company Limited. He served as the General Manager of the Finance Department of Air China from December 2009 to July 2014. He has been serving as the Chief Financial Officer of Air China since July 2014 and is responsible for financial management of Air China.

In accordance with the Company's Articles of Association, Mr. XIAO Feng will hold office as a Director until the annual general meeting to be held in 2017 and will then be eligible for election; thereafter he will retire at the third annual general meeting following his election by ordinary resolution and will be eligible for re-election. He has entered into a letter of appointment, which constitutes a service contract, with the Company for a term expiring on the date of the annual general meeting at which he will retire, which will be renewed for a term of three years upon each election or re- election. Mr. Xiao is entitled to receive a director's fee amounting to HK$575,000 per annum at present from the Company.

Air China is a substantial shareholder of the Company. Apart from this, Mr. Xiao has no relationship with any director, senior management or substantial or controlling shareholder of the Company.

Mr. Xiao does not have any interest (within the meaning of Part XV of the Securities and Futures Ordinance) in the shares or underlying shares of the Company.

Save as disclosed above, there is no other information relating to Mr. Xiao to be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and there is no other matter which needs to be brought to the attention of the shareholders of the Company.

As at the date of this announcement, the Directors of the Company are:

Executive Directors: John Slosar (Chairman), Ivan Chu, Rupert Hogg, Martin Murray, Algernon Yau;

Non-Executive Directors: Cai Jianjiang, Martin Cubbon, Song Zhiyong, Merlin Swire, Samuel Swire, Xiao Feng, Zhao Xiaohang;

Independent Non-Executive Directors: John Harrison, Irene Lee, Andrew Tung and Peter Wong.

By Order of the Board

CATHAY PACIFIC AIRWAYS LIMITED

國泰航空有限公司

David Fu

Company Secretary

Hong Kong, 3rd January 2017