In the closing months of 2016, Yang Ming Marine Transport (Yang Ming) embarked on a campaign to recapitalize its financial structure in light of difficulties plaguing the shipping industry. The company's plan was to proceed with private and public offerings of its stock in efforts to raise capital. In its initial private offering completed back in February, Yang Ming issued 161 million shares. That placement successfully raised NT$ 1.69 billion (US$ 56 million) in capital.

Most recently, Yang Ming completed its public offering raising NT$6 billion (US$ 200 million), having issued 500 million shares of its stock at a premium of NT$ 12 per share. This public offering began in September 2017, and received widespread participation by existing shareholders and new investors such as insurance institutions, and container stevedoring and transport companies etc.

In the meantime, the company is nearing conclusion of its latest private offering. Pending final confirmation, the company is expected to issue an additional 257.7 million shares of stock. With this placement, Yang Ming will have raised NT$ 2.62 billion (US$ 87.5 million) in additional capital.

Upon finalizing these latest offerings, Yang Ming's net capital will have increased to a total of NT$23.2 billion (US$774million). Government-related ownership in the company will climb to 45.07%, with the Ministry of Transportation and Communications, the National Development Fund and the Taiwan International Ports Corporation listed as the largest stakeholders.

Yang Ming is grateful to have received overwhelming support from the investor community. The optimism and enthusiasm shown by investors indicate widespread confidence in the company's plans and future. Yang Ming will continue to improve on its efficiency, reduce operating costs, and grow its operations.

Thanks and best regards,

Yang Ming Marine Transport Corp.