1st Half 2019 Operating Results and Outlook

Challenge: China-US Trade War China-US Trade war Effect on TW Many overseas Taiwanese businesses have taken steps to adjust their production by relocating funds back to Taiwan or Southeast Asia to diversify risk amid the China-US trade dispute. 電子下游組装代工廠「產線搬遷廣達產品和碩產品緯創產品伺服器網通產品主要生產基地伺服器中山廠主要生產基地主要生產基地上海廠蘇州廠可能搬遷地點【菲律賓蘇比克灣可能搬遷 SOURCE: 工商時報經濟日報可能搬遷地點台灣台灣新店 The impact of China-US trade war on air cargo transport: . • . Short term: Urgent order shipment due to tariff issue Mid term: Air cargo demand reduced while overstock Long term: Cargo volume is expected back to normal as agreement is made by US and Chinal Counter Measure of CI • • Cargo supply adjustment to cater to market needs Flexible network planning for potential market Aggressive development of solid target suppliers CHINA AIRLINES 製表:吳雯 29

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