Air China Limited Interim Results. August Under IFRS

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1 Air China Limited 21 Interim Results Under IFRS August 21 1

2 Agenda 21 Interim Results Overview Business Overview Financial Overview Outlook 2 2 2

3 21 Interim Results 3

4 21 Interim Results Overview 4 4 4

5 Highlights Key Financial Metrics 1H21 YoY Change Turnover (RMB million) 34, % Operating expenses (RMB million) 3, % Profit from operations (RMB million) 4, % Profit attributable to equity holders (RMB million) 4, % EPS (RMB) % Key Operational Metrics * 1H21 YoY Change ASK (million) 59, % RPK (million) 47, % ATK (million) 9, % RTK (million) 6, % Passenger load factor (%) pts ATK load factor (%) pts *Note: including Shenzhen Airlines operational figures between April 2 to June

6 Business Overview 6 6 6

7 Passenger Services - Air China Total 1H21 YoY Change Domestic 1H21 YoY Change Traffic revenue (RMB million) 25, % ASK (million) 52, % RPK (million) 41, % Load factor (%) pts Yield (RMB/RPK) % International 1H 21 Traffic revenue (RMB million) YoY Change 8, % ASK (million) 18, % RPK (million) 15, % Load factor (%) pts Yield (RMB/RPK) % Traffic revenue (RMB million) 15, % ASK (million) 31, % RPK (million) 24, % Load factor (%) pts Yield (RMB/RPK) % Regional 1H 21 (HK, Macau and Taiwan) Traffic revenue (RMB million) YoY Change 1, % ASK (million) 1, % RPK (million) 1, % Load factor (%) pts Yield (RMB/RPK) % 7 7

8 Passenger Services - Air China Rapid Traffic Growth on International Routes 8 Million 16.2% 6 4 1H 28 1H 29 1H % 42.3% 21vs % International routes experienced significant year-over-year growth in passenger traffic in all areas in the first half of 21 2 Europe North America Japan and Korea Southeast Asia and other areas Million 1.1% 29Q4 21Q1 21Q2 14.6% 12.9% Q2vsQ1-19.1% On a quarter-over-quarter basis, North America, Japan and Korea, as well as European routes maintained solid growth 1 E u ro p e N o rth A m e rica Japan and Korea Southeast Asia and other areas 8 8 8

9 Optimized Capacity Deployment to Further Improve Efficiency 5% 4% 3% 2% 1% % Passenger Capacity and Traffic Changes (1H21 vs 1H29) 1% 13% 25% International Domestic Regional 21% 17% 4% 8pts ASK Change RPK Change Passenger Load Factor Change Total (as of Dec. 31, 29) 262 Introduced in 1H21 2 B737-8(8), A321/32(8), A33(3), Business jet (1 under custody ) Retired in 1H21 6 B767-3(3), B767-3ER(1), B747-2F freighter(1), B757-2(1) Total (as of Jun. 3, 21) pts 8pts Optimization of capacity redeployment: raising domestic capacity by 13% while RPK increased by 17%; increasing international and regional capacity by 1% and 25%, respectively, while RPK up 21% and 4%, respectively Across-the-board improvement in efficiency Timely adjustments of capacity deployment, adding capacity in higher yield markets Continued to retire older aircraft to further optimize fleet structure and to maintain a younger and more efficient fleet 9

10 Improved Hub Operation with Strengthened Hub Position 251, transferred passengers in Beijing, 8% growth YoY Transfer traffic rose by 71% year-over-year in Chengdu hub, domestic to domestic transfers not included Shanghai gateway saw transfer traffic increased by 3%; completion of Terminal 2 transfer in Shanghai Hongqiao, optimizing support of Shanghai hub Increased stake in Shenzhen Airlines, strengthening support to Beijing, Chengdu and Shanghai, resulting in more balanced route network Changes in Capacity Input Strong Growth in Transfer Passenger 6% 4% 2% % 45.8% 22.9% 14.4% 11.3% 8.3% 5.2% Beijing Chengdu Shanghai 1 thousand Grow 8% Down 3% Grow 3% Beijing Chengdu Shanghai ASK YoY Growth AFTK YoY Growth 1 1H29 1H21 1

11 Sustained Improvement in Yield Quality Premium Class Resumed Growth RMB 1 million 6 1% 5 8% 4 6% 3 2 4% 1 2% % Jan Feb Mar Apr May Jun 1H21 1H29 YoY Change International YoY Change International Long-haul Premium Class Revenue Saw Steady Increase RMB 1 million 8 [32%] 7 6 [31%] 5 [37%] 4 [34%] [23%] [25%] Europe America Australia 1H29 1H21 [%] 124% Growth in E- commerce Revenue Frequent Flyer Revenue Rose 83% Corporate Customer Revenue Grew 7% RMB 1 million RMB 1 million RMB 1 million H29 1H21 1H29 1H21 1H29 1H

12 Air China Cargo Leveraging on Market Recovery to Achieve Rapid Growth 1H21 1H29 YoY Change AFTK (million) 3, , % Freighter AFTK (million) 1, % RFTK (million) 2, , % Freighter RFTK (million) 1, % Tonnage carried (tonne) 544, , % Freighter tonnage carried (tonne) 179, , % Load factor (%) 59.2% 49.42% 9.79pts Yield (RMB/RFTK) % Cargo Traffic Maintained Rapid Growth Million Jan Feb Mar Apr May Jun RTK in 21 YoY Growth Domes tic YoY Growth International YoY Growth Regional YoY Growth 8% 7% 6% 5% 4% 3% 2% 1% % Progress of Cargo Joint Venture Submitted application for set-up of the cargo joint venture with Cathay Pacific Airways Expect to commence operation in the fourth quarter First freighter of the joint venture will be introduced this year 12 12

13 Shenzhen Airlines 1H21 YoY Change ASK (million) 14, % RPK (million) 11, % ATK (million) 1, % RTK (million) 1, % Passengers carried (thousand) 8, % Passenger load factor (%) 79.37% 1.74pts ATK load factor (%) 76.41% 1.9pts

14 Shenzhen Airlines (Cont d) Shenzhen Airlines Route Network Maximize Synergies with Expanded Business Co-operation Passenger and cargo marketing Maintenance Information Technology Ground service Sourcing Finance Routes: As of June 3, 21, Shenzhen Airlines operates 162 routes, of which 146 are domestic routes, 11 are international routes and 5 are regional routes Fleet: 94 aircraft Workforce: >8, 14 14

15 Air Macao 1H21 YoY Change ASK (million) 1, % RPK (million) 1, % ATK (million) % RTK (million) % Passengers carried (thousand) % Passenger load factor (%) 7.55% 6.38pts ATK load factor (%) 68.59% 7.8pts Passenger yield (RMB/RPK) % 15 15

16 Financial Review

17 Record High Net Profit Benefited from industry recovery and management efforts (RMB million) 1H21 1H29 YoY Change Turnover 34,781 23,11 5.5% Operating expenses 3,68 2, % Operating expenses ex-fuel cost 2,67 14, % Gain from change in fair value of fuel derivative contracts 721 1, % Profit/(loss) from operations 4,11 2, % Finance costs % Share of profit/(loss) of associates 1, % Profit/(loss) before tax 5,466 2, % Net profit/(loss) 4,71 2, % Profit/(loss) attributable to equity holders 4,613 2, % EPS (RMB) % 17 17

18 Optimizing Capacity Deployment and Creating Higher Passenger and Cargo Services Synergy Revenue breakdown: RMB million Revenue Breakdown Passenger Services YoY Change Cargo Services YoY Change Total YoY Change Domestic 18, % % 19, % (%) pts pts pts International 8, % 3, % 11, % (%) pts pts pts Regional 1, % % 1, % (%) pts pts pts RMB million 3, 25, 13.49% 6% Passenger Revenue Breakdown 5.83% 2, 9.27% 15, 1, 9.73% 86.51% 34.72% 59.28% 35.86% 58.31% 5, 1H29 Passenger 1H21 Cargo 1H29 1H21 Domestic International Regional 18 18

19 Surge in Jet Fuel Prices Challenges Cost Management 1H21 (RMB million) 1H21 1H29 YoY Change Jet fuel 1,613 6, % Gain/loss from change in fair value Take-off, landing and depot charges , % 3,559 2, % Depreciation 4,6 3, % Maintenance 1, % Staff 4,151 2, % Leasing 1,495 1, % Air Catering % Other flight operation expenses 2,654 1, % Others 3,3 1, % TOTAL 3,68 2, % 19 19

20 Higher Jet Fuel Purchase Price with Uncertainties in Trend Fuel Costs and Jet Fuel Surcharge RMB billion H29 1H21 Fuel Costs Jet Fuel Surcharge Changes in Jet Fuel Purchase Prices Average Domestic International RMB / tonne 6, 5, 4, 3, 2, 1, - 1H21 average:5,47 1H29 average :4,34 Jan Feb Mar Apr May Jun RMB / tonne 1H21 average :5,613 6, 4, 1H29 average :4,172 2, - Jan Feb Mar Apr May Jun RMB / tonne 6, 4, 2, - 1H21 average :4,981 1H29 average :3,524 Jan Feb Mar Apr May Jun 1H21 1H29 1H21 1H29 1H21 1H

21 Enhanced Cost Efficiency RMB million Fuel Cost and Non-fuel Cost 62,715 6, 47,485 22,614 45,892 42,416 4, 17,21 14,466 15,716 3,68 2,289 1,613 2, 4,11 26,7 3,284 31,426 6,98 2,67 14, H29 1H21 Operating cost excluding fuel cost Fuel cost RMB Unit Cost H29 1H21 Cost per ATK Cost per ASK Cost as Percentage of Revenue Ex-fuel Unit Cost 3 RMB H29 1H21 Ex-fuel Cost per ATK Ex-fuel Cost per ASK 21 21

22 Margins and Returns 1H21 1H29 YoY change EBITDA (RMB million) 8,16.8 6, % EBITDA margin (%) 23.31% 26.94% -3.63pts EBITDAR (RMB million) 1, , % EBITDAR margin (%) 29.81% 32.89% -3.8pts Operating profit margin (%) 11.79% 12.2% -.41pts Pre-tax profit margin (%) 15.71% 11.54% 4.17pts Net profit margin (%) 13.26% 12.45%.81pts ROE (%) 17.73% 13.12% 4.61pts

23 Healthy Financial Strength and Capital Structure 3 2 (Times) Net Debt to Equity Ratio % 62.4 Total Debt to Asset Ratio H H EBITDA Interest Cover Ratio (Times) H21 (RMB million) 4, Net Asset (excludes minority interest) 31,736 31,57 3, 28,11 23,916 19,943 2, 1, H

24 Outlook 24

25 21 Opportunities and Challenges Opportunities Sustained recovery of global economy and economic growth in China bolstering demand in aviation industry Co-operation with Shenzhen Airlines to strengthen hub development and maximize synergies Cargo market is expected to maintain strong growth Significant growth opportunities deriving from Shanghai World Expo and Guangzhou Asian Games Challenges Risk of double dip recession in global economy still exists Industry capacity growth intensifies competition High-speed rail will trigger changes in competitive landscape of transportation Uncertainties from fluctuations in oil prices, exchange rates and interest rates Traffic and timeslot limits at main airports restrict aircraft utilization and operational quality Strategic Priorities Improve operational efficiency to strengthen core competitiveness Enhance sales and marketing initiatives Continue to improve cost management On-going efforts to improve service and product delivery Enhance overall strategic management to solidify foundation for further development

26 Appendix Other Financial and Operational Data 26

27 1 Fleet Air China 1H21 Delivery Sub-total Owned Finance Lease Operating Lease Average Age A A32/A * A A B * B B B B B787 TU B747F (Not including passenger aircraft converting to freighter) Business jet TOTAL *Note: wet lease aircraft is not included 27

28 2 Fleet Shenzhen Airlines 1H21 Delivery Sub-total Owned Finance Lease Operating Lease Average Age A A B TOTAL

29 3 Balance Sheet (Condensed) (RMB million) As of Jun 3, 21 As of Dec 31, 29 YoY Change Non-current assets 95,215 75, % Aircraft 82,419 65, % Property 4,883 3, % Current assets 14,867 8, % Cash & cash equivalents 5,674 2, % Total assets 143,92 17, % Current liabilities 51,623 37, % Non-current liabilities 63,674 46, % Total liabilities 115,298 83, % Shareholders equity 27,794 23, %

30 4 Cash Flow Statement (Condensed) (RMB million) 1H21 1H29 YoY Change Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of exchange rate changes on cash and cash equivalents 6,99 1, % -5,41-1, % 716 1, % 2, % 2,676 2, % % Cash and cash equivalents 5,213 3, % 3 3 3

31 5 Borrowings and Obligations RMB million (as of Jun 3 21) Sub-total RMB denominated USD denominated HKD denominated EUR denominated Bank loans and notes Finance lease obligation 57,435 7,29 43,97 6, , ,53 Bond 9, 9, Total 85,813 16,355 63,23 6, Weight (%)

32 Investor Relations - Beijing Rao Xinyu Tel: Fax: Wang Kai Tel: Fax: Website: 32

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