Philip Chen Welcomes New Appointments

In response to the announcement of senior management changes at the Swire group today, the Chief Executive of Cathay Pacific Airways, Mr Philip Chen, said he was delighted by his appointment as Deputy Chairman of Cathay Pacific Airways and Chairman of John Swire & Sons (China) Ltd.

Mr Chen said: "The appointments open up new horizons for me to help drive the group forward in areas that hold the greatest potential for us.

"I look forward to working closely with our Chairman, Mr Christopher Pratt, and our colleagues in ensuring that we maximise the many opportunities that have opened up for the group over a range of aviation-related and other areas of our business. These are exciting times for Swire and Cathay Pacific. As always, I relish the opportunity to meet new challenges.

"As our results announced yesterday showed, the airline is in great shape to realise its ambitious future plans and, as Hong Kong's home carrier, play a key role in growing Hong Kong as the region's premier international aviation hub.

"With the appointment of my colleagues Tony Tyler as Chief Executive and John Slosar as Chief Operating Officer, the airline will be in very good hands, and they and our excellent Cathay Pacific team can count on my support as they continue to drive the group forward to greater heights of success."

In commenting on his appointment as the airline's Chief Executive-designate, Mr Tony Tyler said: "It's a privilege and an honour and a great responsibility to take up this position as head of one of the world's greatest airlines. I very much look forward to working with our first-class team at Cathay Pacific.

"Philip Chen has achieved an enviable record of success. Our revenue and profitability are strong, our strategic plans well thought out and well positioned, and our foundations for future growth are very solid with the integration with Dragonair and strengthening relationship with Air China. I am delighted that I will be able to continue to rely on Philip's advice and support as our Deputy Chairman.

"I am also delighted that John Slosar is returning to the airline as Chief Operating Officer. Having spent a decade with Cathay Pacific, John knows the aviation industry very well. His analytical and management skills and wide business experience will make our management team even stronger."

Philip Chen, 51, joined the Swire Group / Cathay Pacific in 1977. Currently, he is Chief Executive of Cathay Pacific Airways, and Chairman of Hong Kong Dragon Airlines (Dragonair). He is also on the Board of Air China. Philip is currently a Director of Swire Pacific Limited, John Swire & Sons (Hong Kong) Limited and John Swire & Sons (China) Limited. Previously, he was Deputy Managing Director of Cathay Pacific from 1997 to 1998 and Chief Operating Officer of Cathay Pacific from 1998 to 2004.

Tony Tyler, 51, joined John Swire and Sons in 1977 and moved to Cathay Pacific in 1978. He has worked for the airline in Hong Kong, Australia, the Philippines, Canada, Japan, Italy and the UK. Mr Tyler was appointed to the position of Chief Operating Officer in January 2005 after serving as Director Corporate Development since November 1996. Mr Tyler is also a director of Dragonair. He is a director and Chairman of the Executive Committees of both Hong Kong Aircraft Engineering Co. Ltd and Air Hong Kong.

John Slosar, 50, has been an Executive Director of Swire Pacific Limited since May 2006 with responsibility for the Company's Beverages Division. Mr Slosar joined the Swire group in 1980 and worked with the group's Aviation Division in Hong Kong, the United States and Thailand. He was appointed Managing Director of Hong Kong Aircraft Engineering Co. Ltd. in 1996. In July 1998, he was appointed Managing Director of Swire Pacific's Beverages Division. In 2000, he joined the board of John Swire & Sons (Hong Kong) Ltd.