CATHAY PACIFIC RECEIVES ITS NEWEST BOEING 747-400 FREIGHTER

Cathay Pacific Airways continues to expand its cargo fleet and services by taking delivery of its newest Boeing 747-400 Freighter. The freighter is the first of three that Boeing will deliver to Cathay Pacific between 2000 and 2001.

Attending this delivery from Cathay Pacific Airways were Kenny Tang, general manager - Cargo; Tom Wright, president of the Americas, and Derek Cridland, director of Engineering.

"We are pleased to take delivery of the excellent new freighter aircraft," said Tang. "The 747-400 Freighter has the greatest capacity of any commercial air freighter and is an excellent choice to help us further strengthen Hong Kong's position as the world's leading international air cargo hub."

The 747-400 Freighter can carry 120 tons of cargo, 25 tons more than the 747-200 Freighters currently in Cathay Pacific's fleet. In addition to the higher payload capability, the 747-400F burns 15 percent less fuel than its predecessor allowing it to fly further and to more destinations.

The longer range of the 747-400 Freighter will enable Cathay Pacific to operate non-stop freighter flights between Hong Kong and London for the first time. This will deliver a big improvement in transport times for its cargo customers. The new freighter will be the first 747-400 Cathay Pacific has used on its European routes.

"Cathay Pacific is a proven world class operator," said Seddik Belyamani, executive vice president -- Sales and Marketing, Boeing Commercial Airplanes Group. "It is fitting that the cargo capacity leader, the Boeing 747-400 Freighter, is the key to Cathay Pacific's cargo operation."

Cathay Pacific Airways - based in Hong Kong and one of the world's most renowned carriers - currently owns nine 747 Freighters -- two 747-400s, four 747-200s, and three additional 747-200s on lease to Air Hong Kong.

Cargo represents an increasingly important part of Cathay Pacific's overall business. In the first half of 2000 cargo operations accounted for 28.5 percent of the airline's turnover, up from 27.3 percent in 1999. Cathay Pacific's freighters fly to 19 destinations. New Delhi, Penang, and San Francisco were added in September.

Attesting to the 747-400 Freighter's popularity and market strength, Boeing will deliver more 747 Freighters than passenger airplanes this year - for the first time in history. Eleven customers have ordered a total of 76 747-400 freighters. With today's delivery to Cathay Pacific, 47 of the -400Fs have now been delivered.