Global Cargo Market Outlook and Financial Risk Management

Financial Risk Management ✈ CAL's hedging of fuel, exchange rates and interests rates etc., are based on the decisions made by the Risk Committee of Board of Directors. ✈ Exchange rates Natural hedge is applied in order to reduce exposure to currency fluctuation risks. ✈ Interest rates: Issue fixed-rate corporate bonds and trade derivative products such as IRS to reduce interest rate risks. CHINA AIRLINES 11

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