Cathay Pacific Airways Limited

FOR IMMEDIATE RELEASE

15 July 2009

The latest Corporate Social Responsibility (CSR) Report produced by Cathay Pacific and sister airline Dragonair has achieved an A+ rating - the highest possible - in the Global Reporting Initiative (GRI) guidelines, an internationally accepted benchmark for CSR reporting.

Cathay Pacific's Head of Environmental Affairs, Mark Watson, says: "We are proud to achieve an A+ rating under the GRI guidelines because it demonstrates our continued efforts to ensure we are transparent in our reporting and accountable to all our stakeholders."

The theme "Continuity and Change" guides the 2008 report, which outlines the initiatives undertaken during the year despite the difficult operating environment.

The report covers in detail the Group's economic performance in 2008, with top management talking about the importance of CSR to the business success of Cathay Pacific and Dragonair. They recognise the value CSR brings, not only in terms of being aligned with the Cathay Pacific Group's core values, but also in helping the airlines become more competitive, efficient and innovative in responding to the challenges of a changing economy.

Key highlights of the report include:

• Expanded discussions on the Group's stakeholder engagement exercise, with a commitment to undertaking regularly scheduled discussions with stakeholders on CSR issues;
• A detailed response on climate change, discussing the airlines' performance and its strategy for meeting the industry's emission reduction goals;
• A continued commitment to the safety of passengers and staff, as well as reporting on the airlines' enhanced safety management system;
• The airlines' investment in communities and staff, which outlines community projects in and outside of Hong Kong, as well as ensuring that staff are provided with a motivating working environment;
• Revamped performance tables with more in-depth environmental and social performance data.

Mark Watson says: "Our aim was not to report on all our activities - instead, we wanted to focus on issues which matter to our stakeholders. For example, much of our report focuses on what our passengers, investors and staff expect from us. However, we wanted to make sure that our reporting was balanced - that we not only talked about our achievements, but also the challenges that we face as a company and an industry and how we are going to respond to them."

The preparation of the report was coordinated by the Environmental Affairs Department at Cathay Pacific. The information contained in the report has been verified by an independent third-party auditor.

The Cathay Pacific and Dragonair Corporate Social Responsibility Report 2008 can be downloaded in PDF format from either cathaypacific.com or dragonair.com.

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