Common use of CERTAIN DEFINED TERMS AND CONVENTIONS Clause in Contracts

CERTAIN DEFINED TERMS AND CONVENTIONS. All references in this document to “U.S. dollars”, “U.S.$” and “$” refer to the lawful currency of the United States of America, to “Hong Kong dollars” and “HK$” refer to the lawful currency of Hong Kong, and to “Renminbi”, “RMB” and “CNY” refer to the lawful currency of the Chinese Mainland. In addition, references to “Sterling” and “£” refer to pounds sterling and to “euro” and “ C” refer to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended. In this Offering Circular, unless the contrary intention appears, a reference to a law or a provision of a law is a reference to that law or provision as extended, amended or re-enacted. TABLE OF CONTENTS Page Documents Incorporated by Reference vi General Description of the Programme vii Summary of the Programme 1 Risk Factors 7 Form of the Notes 15 Applicable Pricing Supplement 20 Terms and Conditions of the Notes 34 Use of Proceeds 68 Description of Cathay Pacific MTN Financing (HK) Limited 69 Capitalisation and Indebtedness of Cathay Pacific Airways Limited 70 Description of Cathay Pacific Airways Limited 71 Book-Entry Clearance Systems 79 Chinese Mainland Currency Controls 81 Taxation 85 Subscription and Sale 88 General Information 94 In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in the applicable Pricing Supplement may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in accordance with all applicable laws and rules.

CERTAIN DEFINED TERMS AND CONVENTIONS. All references in this document to “U.S. dollars”, “U.S.$” and “$” refer to the lawful currency of the United States of America, to “Hong Kong dollars” and “HK$” refer to the lawful currency of Hong Kong, and to “Renminbi”, “RMB” and “CNY” refer to the lawful currency of the Chinese Mainland. In addition, references to “Sterling” and “£” refer to pounds sterling and to “euro” and “ C” refer to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended. In this Offering Circular, unless the contrary intention appears, a reference to a law or a provision of a law is a reference to that law or provision as extended, amended or re-enacted. TABLE OF CONTENTS Page Documents Incorporated by Reference vi vii General Description of the Programme vii viii Summary of the Programme 1 Risk Factors 7 Form of the Notes 15 Applicable Pricing Supplement 20 Terms and Conditions of the Notes 34 Use of Proceeds 68 Description of Cathay Pacific MTN Financing (HK) Limited 69 Capitalisation and Indebtedness of Cathay Pacific Airways Limited 70 Description of Cathay Pacific Airways Limited 71 Book-Entry Clearance Systems 79 81 Chinese Mainland Currency Controls 81 83 Taxation 85 87 Subscription and Sale 88 90 General Information 94 98 In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in the applicable Pricing Supplement may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in accordance with all applicable laws and rules.

CERTAIN DEFINED TERMS AND CONVENTIONS. All references in this document to “U.S. dollars”, “U.S.$” and “$” refer to the lawful currency of the United States of America, to “Hong Kong dollars” and “HK$” refer to the lawful currency of Hong Kong, and to “Renminbi”, “RMB” and “CNY” refer to the lawful currency of the Chinese Mainland. In addition, references to “Sterling” and “£” refer to pounds sterling and to “euro” and “ C” refer to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended. In this Offering Circular, unless the contrary intention appears, a reference to a law or a provision of a law is a reference to that law or provision as extended, amended or re-enacted. TABLE OF CONTENTS Page Documents Incorporated by Reference vi General Description of the Programme vii Summary of the Programme 1 Risk Factors 7 Form of the Notes 15 Applicable Pricing Supplement 20 Terms and Conditions of the Notes 34 Use of Proceeds 68 Description of Cathay Pacific MTN Financing (HK) Limited 69 Capitalisation and Indebtedness of Cathay Pacific Airways Limited 70 Description of Cathay Pacific Airways Limited 71 Book-Entry Clearance Systems 79 80 Chinese Mainland Currency Controls 81 82 Taxation 85 86 Subscription and Sale 88 89 General Information 94 95 In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in the applicable Pricing Supplement may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on behalf of any Stabilisation Manager(s)) in accordance with all applicable laws and rules.