EVAAIR — Interim / Quarterly Report 2021

Nov 17, 2021

==> picture [720 x 480] intentionally omitted <==

----- Start of picture text -----

EVA AIR
2021 Investor Conference
----- End of picture text -----

2021.11.19

Legal Disclaimer

==> picture [185 x 76] intentionally omitted <==

• The information contained in this presentation, including all forward-looking information, is subject to change without notice, whether as a result of new information, further events or otherwise, and EVA Airways (the “Company”) undertakes no obligation to publicly update or revise the information contained in this presentation.

• Investors should not regard the above forward-looking information as legally binding but as information subject to change. No guarantees regarding the completeness, accuracy, and reliability of information contained are made or are explicitly implicitly. They

• not intended to represent complete statement of the Company, industry or future development.

2

Outline

==> picture [185 x 76] intentionally omitted <==

• The First Nine Months of 2021 Financial Results

• Operational Highlights

Operating Performance Awards & Recognitions

• Outlook and Future Challenges

Industry Overview Operational Strategy Sustainability

3

==> picture [690 x 131] intentionally omitted <==

The First Nine Months of 2021 Financial Results

==> picture [150 x 53] intentionally omitted <==

4

Operating Performance

==> picture [185 x 76] intentionally omitted <==

GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%	GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%	GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%	GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%	GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%	GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%	GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%	GroupFinancial Statistics Q3 2021 Q3 2020 YoY% 9M 2021 9M 2020 YoY% Group Operating Revenue NT$ Million 25,814 18,403 40.3% 69,656 67,925 2.5% Net Operating Income (loss) NT$ Million 2,310 (1,312) - 1,349 (1,573) - Profit (loss) NT$ Million 1,516 (1,774) - (587) (3,574) -83.6% Group profit (loss) attributable to owners ofparent NT$ Million 1,484 (1,808) - (570) (3,642) -84.3% Earnings (loss) Per Share NT$ 0.29 (0.37) - (0.11) (0.75) -85.3%
		Q3 2021	Q3 2020	YoY%	9M 2021	9M 2020	YoY%
Group Operating Revenue	NT$ Million	25,814	18,403	40.3%	69,656	67,925	2.5%
Net Operating Income (loss)	NT$ Million	2,310	(1,312)	-	1,349	(1,573)	-
Profit (loss)	NT$ Million	1,516	(1,774)	-	(587)	(3,574)	-83.6%
Group profit (loss) attributable to owners ofparent	NT$ Million	1,484	(1,808)	-	(570)	(3,642)	-84.3%
Earnings (loss) Per Share	NT$	0.29	(0.37)	-	(0.11)	(0.75)	-85.3%

Group Financial Position

		31.SEP.2021	31.SEP.2020	YoY%
Total assets	NT$ Million	323,948	331,853	-2.4%
Total liabilities	NT$ Million	243,024	257,223	-5.5%
Total equity	NT$ Million	80,924	74,630	8.4%

5

Group Operating Costs Analysis

==> picture [185 x 76] intentionally omitted <==

2021 9M

2020 9M

==> picture [599 x 294] intentionally omitted <==

----- Start of picture text -----

Commissions
Passenger service 1%
1%
Others Passenger service
Others
5% 3%
5%
Landing, parking
Landing, parking
7%
Fuel 8% Fuel
23% 21%
Maintenance
Depreciation and Maintenance Depreciation and 10%
amortization 11%
amortization
31%
29%
Staff Staff
22% 23%
----- End of picture text -----

6

Operating Costs Analysis - Fuel Cost

==> picture [185 x 76] intentionally omitted <==

	Fuel expenditure 9M 2021 9M 2020 YoY% Fuel average price(SIN JET) USD/BBL 67.71 48.23 40% Fuel consumption thousand/BBL 7,640 7,890 -3% Fuel cost NT$ Million 15,890 13,278 20% Fuel hedging expenditure NT$ Million - 1,264 -100% Total fuel cost NT$ Million 15,890 14,542 9%	Fuel expenditure 9M 2021 9M 2020 YoY% Fuel average price(SIN JET) USD/BBL 67.71 48.23 40% Fuel consumption thousand/BBL 7,640 7,890 -3% Fuel cost NT$ Million 15,890 13,278 20% Fuel hedging expenditure NT$ Million - 1,264 -100% Total fuel cost NT$ Million 15,890 14,542 9%	Fuel expenditure 9M 2021 9M 2020 YoY% Fuel average price(SIN JET) USD/BBL 67.71 48.23 40% Fuel consumption thousand/BBL 7,640 7,890 -3% Fuel cost NT$ Million 15,890 13,278 20% Fuel hedging expenditure NT$ Million - 1,264 -100% Total fuel cost NT$ Million 15,890 14,542 9%	Fuel expenditure 9M 2021 9M 2020 YoY% Fuel average price(SIN JET) USD/BBL 67.71 48.23 40% Fuel consumption thousand/BBL 7,640 7,890 -3% Fuel cost NT$ Million 15,890 13,278 20% Fuel hedging expenditure NT$ Million - 1,264 -100% Total fuel cost NT$ Million 15,890 14,542 9%	Fuel expenditure 9M 2021 9M 2020 YoY% Fuel average price(SIN JET) USD/BBL 67.71 48.23 40% Fuel consumption thousand/BBL 7,640 7,890 -3% Fuel cost NT$ Million 15,890 13,278 20% Fuel hedging expenditure NT$ Million - 1,264 -100% Total fuel cost NT$ Million 15,890 14,542 9%
			9M 2021	9M 2020	YoY%
	Fuel average price(SIN JET)	USD/BBL	67.71	48.23	40%
	Fuel consumption	thousand/BBL	7,640	7,890	-3%
	Fuel cost	NT$ Million	15,890	13,278	20%
	Fuel hedging expenditure	NT$ Million	-	1,264	-100%
	Total fuel cost	NT$ Million	15,890	14,542	9%

Fuel hedging coverage

Year	% Coverage
2020	18.9%
2021	-

7

Cash Flow Analysis

==> picture [185 x 76] intentionally omitted <==

Cash Flow Analysis
EVA Airways Corp. and Subsidiaries (NT$ Million)	30.Sep.2021	30.Sep.2020	YoY%
Cash and cash equivalents at the beginning of year	40,869	51,534	-21%
Net cash flows from operating activities	19,570	(697)	-
Net cash flows from investing activities	(2,946)	(9,707)	-70%
Net cash flows from financing activities	(10,590)	1,554	-
Effect of exchange rate changes on cash and cash equivalents	(1)	(11)	-91%
Net increase (decrease) in cash and cash equivalents	6,033	(8,861)	-
Cash and cash equivalents at the end of period	46,902	42,673	10%

8

==> picture [690 x 131] intentionally omitted <==

Operational Highlights

==> picture [185 x 76] intentionally omitted <==

9

Operating Performance: Overall Revenue

==> picture [185 x 76] intentionally omitted <==

NT$ 100M 2020-2021 Operating Revenue

==> picture [607 x 252] intentionally omitted <==

==> picture [621 x 33] intentionally omitted <==

----- Start of picture text -----

2020/1 2020/4 2020/7 2020/10 2021/1 2021/4 2021/7 2021/10
Passenger Revenue Cargo Revenue Other Revenue
----- End of picture text -----

 Passenger operation fell drastically while cargo operation showed a strong rebound during the pandemic. Cargo revenue's share of total operation revenues grew from 14% in JAN20 to a historical high of 93% in OCT2021.

10

Operating Performance: Passenger Revenue

==> picture [185 x 76] intentionally omitted <==

==> picture [662 x 375] intentionally omitted <==

----- Start of picture text -----

NT$ 100M 2020-2021 Passenger Revenue and Load Factor
107.8
100%
100.0 90%
80%
80.0
70%
60%
60.0
52.3
50%
40%
40.0
30%
26.3
20%
20.0
9.8
8.7 3.7 4.3 4.5 5.4 5.0 6.7 5.7 8.6 8.2 9.1 9.0 7.0 5.8 6.5 5.0 6.8 5.9 10%
0.0 0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 PAX Revenue 2021 PAX Revenue 2020 L/F 2021 L/F
----- End of picture text -----

 Due to the global pandemic and border restrictions, passenger demand plunged and has not yet shown signs of recovery.

11

Operating Performance: Cargo Revenue

==> picture [185 x 76] intentionally omitted <==

NT$ 100M 2020-2021 Cargo Revenue and Load Factor

0.0 20.0 40.0 60.0 80.0 100.0	19.2 17.7 26.9 42.0 56.9 44.5 41.6 42.7 42.8 49.1 57.7 59.0 48.0 46.2 57.7 64.6 68.1 60.6 65.3 70.4 70.2 89.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 CGO Revenue 2021 CGO Revenue 2020 L/F 2021 L/F

• Robust cargo demand pushed both rates and volumes even higher, and in turn, cargo revenue peaked to a stunning TWD 8.9 billion in OCT2021.

12

Operating Performance: Passenger Revenue by Region

==> picture [185 x 76] intentionally omitted <==

==> picture [662 x 387] intentionally omitted <==

13

Operating Performance: Cargo Revenue by Region

==> picture [185 x 76] intentionally omitted <==

==> picture [662 x 382] intentionally omitted <==

14

Awards & Recognitions

==> picture [185 x 76] intentionally omitted <==

In the face of COVID-19, EVA AIR remained persistent in flight safety, quality services, and epidemic response, thus in 2021, was awarded and recognized worldwide:

• 3rd in Travel+Leisure ’s World’s Best Top-10 International Airlines

• 6th in AirlineRatings.com for the World’s Safest Airlines, 9th for the World’s Top 20 Airlines, and also listed as the World’s Top-20 COVID-19 Compliant Airlines

• 7th in SKYTRAX for the World’s Top 10 Airlines

• 7th in Condé Nast Traveler ’s prestigious 2021 Readers’ Choice Awards for the Top 10 Airlines in the World

• 9th in Top-20 Safest Airlines in the World by JACDEC

==> picture [119 x 38] intentionally omitted <==

==> picture [125 x 50] intentionally omitted <==

==> picture [98 x 99] intentionally omitted <==

==> picture [84 x 34] intentionally omitted <==

==> picture [86 x 78] intentionally omitted <==

15

==> picture [690 x 131] intentionally omitted <==

Outlook and Future Challenges

==> picture [185 x 76] intentionally omitted <==

16

Industry Overview: Impacts on the Industry

==> picture [185 x 76] intentionally omitted <==

==> picture [664 x 287] intentionally omitted <==

• COVID-19 is the biggest and longest shock to hit the aviation industry. Previous shocks cut 5-20% from RPKs and it took 6-18 months for the industry to recover.

17

Industry Overview: Impacts on Passenger and Cargo Operation

==> picture [185 x 76] intentionally omitted <==

==> picture [662 x 289] intentionally omitted <==

• Global economic recovery has boosted cargo demand and pushed domestic travel. For instance, CTKs in 2021 surpassed pre-pandemic level and grew 7.7% in AUG.

18

Industry Overview: Outlook on Passenger Operation

==> picture [185 x 76] intentionally omitted <==

==> picture [681 x 301] intentionally omitted <==

 Although international travel demand still remains in the low, domestic travel demand will continue to be strong. IATA predicts that in 2022, domestic RPKs will be 93% of precrisis levels, while international RPKs will only be 44% of 2019 levels.

19

Industry Overview: Outlook on Cargo Operation

==> picture [185 x 76] intentionally omitted <==

==> picture [672 x 290] intentionally omitted <==

• Continued improvement in global trade will sustain robust air cargo traffic. Demand for air cargo is expected to exceed 2019 pre-crisis levels by 13%.

20

Industry Overview: Outlook on the Aviation Industry

==> picture [185 x 76] intentionally omitted <==

==> picture [668 x 308] intentionally omitted <==

 Although strong cargo revenues are still unable to offset the significant loss in passenger revenues, IATA predicts a continued recovery of up to 79% of 2019 levels for industry revenues in 2022.

21

Industry Overview: Passenger Business

==> picture [185 x 76] intentionally omitted <==

• With losses gradually being narrowed, travel demand will rebound in the short term, and progressively increase in the long term.

• IATA expects industry losses to reduce to $12 billion in 2022, 77% YoY.

• With the increase in inoculation rates worldwide, the global economy is steadily back on track, and a rebound in travel demand can be expected.

• International travel is expected to return to pre-pandemic levels in 2024.

• Challenges and impacts posed by costs and carbon reduction.

• Rising fuel costs and stringent pandemic measures have increased operational pressure.

• In line with global aviation carbon offsetting schemes and carbon emission reduction plans, airlines worldwide have increased inputs in necessary resources and relevant investments.

22

Industry Overview: Cargo Business

==> picture [185 x 76] intentionally omitted <==

• COVID-19 has accelerated changes in consumer behaviors, further pushing air cargo demand growth.

• IATA forecasts cargo volumes worldwide will continue to grow in 2022 at 4.9% YOY.

• With online shopping popularized at all ages, e-commerce demand is expanding.

• Both port and airport congestion have driven air freight rates to a new peaking.

• With “sea-to-air effect” continues to exist, the price of air freight remains high.

• Cargo operation capacity at airports are overwhelmed, restraining cargo supply.

• Global supply chain disconnection crisis.

• Shortages of parts and raw materials have led to stalls in production lines or delayed delivery.

• The price of the end products fails to reflect the high manufacturing cost, which in turn, negatively affects production capacity.

• Gradual resumption of passenger flights will alleviate the crunch in cargo capacity, upsetting the existing high freight rates.

23

Operational Strategy: Fleet

==> picture [185 x 76] intentionally omitted <==

==> picture [639 x 389] intentionally omitted <==

24

Operational Strategy: 2022 Passenger Route Development

==> picture [185 x 76] intentionally omitted <==

	Q1 Plan:
	Region	Destination	Flights /Week	Frequency/Week
	America	5	13	Los Angeles, San Francisco, Seattle, New York 3 flights, Vancouver 1 flight.
	South East Asia	8	38	Manila, Ho Chi Minh City, Hanoi 7 flights, Bangkok, Phnom Penh 4 flights, Singapore, Kuala Lumpur, Jakarta 3 flights.
	Europe	4	4.5	London, Vienna 1.5 flights, Paris 1 flight, Amsterdam 0.5 flight.
	Australia	1	1	Brisbane 1 flight.
	North East Asia	4	12	Tokyo(Narita), Osaka, Fukuoka, Seoul 3 flights.
	Hong Kong Macau	2	7	Hong Kong 4 flights, Macau 3 flights.
	Mainland China	3	12	Shanghai (Pudong airport) 10 flights, Beijing, Chengdu 1 flight.

 Q2 flight schedule will be arranged in a roll-planning manner based on the recovery pace from the pandemic along with market demand.

25

Operational Strategy: Passenger Business

==> picture [185 x 76] intentionally omitted <==

• Maintaining skeleton network and seizing opportunities in demand rebound.

• Gradually resume flight frequencies and expand network services depending on the reopening of borders in various countries.

• In line with market recovery trend, progressively restart the operation of leisuretravel destinations.

• Explore new potential destinations to optimize the competitiveness of our network.

• Closely monitor post-pandemic market trends, and actively seize charter opportunities.

• Adjust marketing strategy to cope with shifts in both market and travel behaviors.

• Flexible deployment of fleet during Lunar New Year holidays to seize charter demands from China and for Japan.

• Restore passenger confidence in air travel.

• Develop “digital travel pass” to simplify passenger boarding procedures.

• Continuously promoting automatic services and enhancing touchless services.

26

Operational Strategy: 2022 Freighter Deployment

==> picture [185 x 76] intentionally omitted <==

	Region Destination Flights /Week Frequency/Week America 5 26 Chicago 10 flights (double calling Osaka 3 flights), Los Angeles 6 flights, Dallas, Atlanta 4 flights(double calling Osaka 2 flights), New York 2 flights. Asia 4 11 Singapore 5 flights, Bangkok 3 flights, Hanoi 2 flights, Ho Chi Minh City 1 flight. Hong Kong, Macau, China 5 16 Hong Kong 8 flights, Shanghai(Pudong airport)4 flights, Shenzhen 2 flights, Chongqing, Guangzhou 1 flight.

27

Operational Strategy: Cargo Business

==> picture [185 x 76] intentionally omitted <==

• Bolstering competitiveness by introducing three Boeing 777 freighters in the Q4.

• Cargo capacity increases by 60%, hence boosting cargo profitability.

• Offering more flights to North America to secure maximum revenue.

• Utilize passenger aircrafts to carry cargo to further enhance cargo capacity.

• Flexible deployment of preighter flights to increase cargo capacity.

• Remarkable results were achieved via the deployment of passenger aircraft as cargo flights, which continues to bring about positive outcomes.

• Seize chartered flight demands and offer tailor-made services.

• Adjust passenger and freighter aircraft types and routes to meet customer demand.

• Offer long-term and stable capacity for logistics convenience enhancement.

28

Sustainability: Corporate Performance

==> picture [185 x 76] intentionally omitted <==

EVA AIR’s sustainable strategy revolves around our core management values of “Safety, Service, and Sustainability”, which also adhere to ESG principles. With a vision of becoming an iconic airline of global influence, EVA AIR continues to work with our industry partners to create a sustainable aviation environment.

Environmental

Social

Governance

• Implementing Smart Energy Management System, 746 thousands kWh power saved in 2020.

• Recycled water 4,010m[3] in 2020.

• Fuel conservation measures continues with 13 thousands tons of fuel saved and 42 thousands tons of CO e emission 2

• reduced in 2020.

• Sponsored 6 arts and cultural activities, 11 public welfare activities, 7 projects of giving back to local community, 2 sports events, 4 sports teams and 11 sports players. Donated materials to 115 social

welfare groups and schools. The total value for sponsorships is NT$ 116 million in 2020.

• Recognized ESG A class for two consecutive years by MSCI.

• Ranked top 5% in 7th Corporate Governance Evaluation of 2020.

• Won on the Taiwan Corporate Sustainability Award (TCSA) of 2020.

• Scored B level in the 2020 CDP questionnaire.

29

Sustainability: The 2050 Net-Zero Goal

==> picture [185 x 76] intentionally omitted <==

• The 77th IATA AGM approved a resolution for the global air transport industry to achieve net-zero carbon emissions by 2050 progressively through several strategies:

• Aircraft and engine manufacturers to produce radically more efficient airframe and propulsion technologies.

• Fuel-producing companies to bring large scale, cost-competitive Sustainable Aviation Fuels (SAF) to the market.

• Governments and air navigation service providers (ANSPs) to eliminate inefficiencies in air traffic management and airspace infrastructure.

• Airlines to reduce aircraft weight, improve operational efficiency, and implement fuel-saving measures.

• Governments and airlines to invest in carbon capture/storage, carbon offset and carbon trading.

• EVA AIR has long been concerned of carbon emissions, and regarded environmental sustainability as the cornerstone of all operations. EVA AIR will continue to participate in carbon reduction and support the industry’s commitment to net zero by 2050.

30

==> picture [690 x 131] intentionally omitted <==

Q&A

==> picture [185 x 76] intentionally omitted <==

31