Common use of TERMS AND CONDITIONS OF THE NOTES Clause in Contracts

TERMS AND CONDITIONS OF THE NOTES. The following are the Terms and Conditions of the Notes which will be incorporated by reference into each Global Note (as defined below) and each definitive Note, in the latter case only if permitted by the rules of the relevant stock exchange or other relevant authority (if any) and agreed by the Issuer, the Guarantor and the relevant Dealer at the time of issue but, if not so permitted and agreed, such definitive Note will have endorsed thereon or attached thereto such Terms and Conditions. The applicable Pricing Supplement in relation to any Tranche of Notes may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and Conditions for the purpose of such Notes. The applicable Pricing Supplement (or the relevant provisions thereof) will be endorsed upon, or attached to, each Global Note and definitive Note. Reference should be made to “Form of the Notes” for a description of the content of Pricing Supplement which will specify which of such terms are to apply in relation to the relevant Notes. This Note is one of a Series (as defined below) of Notes issued by Cathay Pacific MTN Financing (HK) Limited (“CPMFHK”) (the “Issuer”) pursuant to the Agency Agreement (as defined below). The Notes will be guaranteed by Cathay Pacific Airways Limited (the “Guarantor”). References herein to the “Notes” shall be references to the Notes of this Series and shall mean:

TERMS AND CONDITIONS OF THE NOTES. The following are the Terms and Conditions of the Notes which will be incorporated by reference into each Global Note (as defined below) and each definitive Note, in the latter case only if permitted by the rules of the relevant stock exchange or other relevant authority (if any) and agreed by the Issuer, the Guarantor and the relevant Dealer at the time of issue but, if not so permitted and agreed, such definitive Note will have endorsed thereon or attached thereto such Terms and Conditions. The applicable Pricing Supplement in relation to any Tranche of Notes may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and Conditions for the purpose of such Notes. The applicable Pricing Supplement (or the relevant provisions thereof) will be endorsed upon, or attached to, each Global Note and definitive Note. Reference should be made to “Form of the Notes” for a description of the content of Pricing Supplement which will specify which of such terms are to apply in relation to the relevant Notes. This Note is one of a Series (as defined below) of Notes issued by Cathay Pacific Swire Properties MTN Financing (HK) Limited (“CPMFHK”) (the “Issuer”) pursuant to the Agency Agreement (as defined below). The Notes will be guaranteed by Cathay Pacific Airways Swire Properties Limited (the “Guarantor”). References herein to the “Notes” shall be references to the Notes of this Series and shall mean:

TERMS AND CONDITIONS OF THE NOTES. The following are the Terms and Conditions of the Notes which will be incorporated by reference into each Global Note (as defined below) and each definitive Note, in the latter case only if permitted by the rules of the relevant stock exchange or other relevant authority (if any) and agreed by the Issuer, the Guarantor and the relevant Dealer at the time of issue but, if not so permitted and agreed, such definitive Note will have endorsed thereon or attached thereto such Terms and Conditions. The applicable Pricing Supplement in relation to any Tranche of Notes may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and Conditions for the purpose of such Notes. The applicable Pricing Supplement (or the relevant provisions thereof) will be endorsed upon, or attached to, each Global Note and definitive Note. Reference should be made to “Form of the Notes” for a description of the content of Pricing Supplement Supplements which will specify which of such terms are to apply in relation to the relevant Notes. This Note is one of a Series (as defined below) of Notes issued by Cathay Swire Pacific MTN Financing (HK) Limited (“CPMFHK”) (the “Issuer”) pursuant to the Agency Agreement (as defined below). The Notes will be guaranteed by Cathay Swire Pacific Airways Limited (the “Guarantor”). References herein to the “Notes” shall be references to the Notes of this Series and shall mean: