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Air China, Cathay Pacific Airways, China National Aviation, Citic Pacific,
Swire Pacific the five companies issued together

(By Caoyu, Zhangchen) June 9, Air China Ltd, Cathay Pacific Airways Ltd, China National Aviation Co. Ltd, Citic Pacific Ltd, Swire Pacific Ltd, the five companies issued together and held press conference, declaring signing up agreement to reconstruct the shareholding structure and build the strongest aviation fellowship of the world.

On the press conference, Li, Jiaxiang, Chairman of the board of Air China Ltd, expressed: "This trade has long significance on the value and strategy of Air China, including Air China, Cathay Pacific Airways and the aviation industry of China will benefit greatly. The operation agreement between Air China and Cathay Pacific Airways will confirm our company's long status in domestic and international."

The main representatives attended the press conference are, Mr. Li, Jiaxiang, Chairman of the board of Air China, Mr. Chen, Nanlu, administration president of Cathay Pacific Airways Ltd, Mr. Kongdong, Chairman of China National Aviation Co. Ltd, Mr. Rong, Zhijian, Chairman of the board of Citic Pacific Ltd, and Mr. Bai, Jitu, Chairman of the board of Swire Pacific Ltd.

This reconstruction has four significant fruits, that's: Air China will make strategy invest to Cathay Pacific Airways; Cathay Pacific Airways will increase strategy invest to Air China; China National Aviation will sell all the share of Hong Kong Dragonair to Cathay Pacific Airways; and, Air China and Cathay Pacific Airways agree to an agreement, which includes: both parties are sales representative for each other in Greater China area, i.e., Air China is responsible for Cathay Pacific Airways' sales of passenger transport in mainland, meantime, Cathay Pacific Airways is responsible for Air China's sales of passenger transport in Hong Kong, Macao and Taiwan; enlarge the airline code sharing between Hong Kong and Chinese mainland; operate the pooling airline connecting Hong Kong and main cities of mainland to realize margin sharing; Shanghai joint venture cargo transport company; keep Dragonair's status as an important airways for at least 6 years; and reinforce business cooperation at some other aspects.

About strengthening share holding relation and signing up operation agreement between Air China and Cathay Pacific Airways, Mr. Chen, Nanlu, administration president of Cathay Pacific Airways Ltd said, "Cathay Pacific Airways charges Dragonair and strengthens the fellowship with Air China. This will confirm Hong Kong's status as the primary aviation center in Asian-Pacific region, and establish one of the world's strongest aviation fellowships in Hong Kong. This will improve the connection of flight and the management of airline. Namely, it will bring passengers more choices of destination and better travel choices, and it will strengthen Hong Kong and Beijing's statuses as main aviation centers of Asia."

After the press conference, Air China and China National Aviation held analysts meeting together. The number of the investors and analysts attended this meeting exceeded 40. Analysts gave great attention to this reconstruction. Questions focus on the cooperation between Air China and Cathay Pacific Airways, privatization item of China National Aviation and the development state of cargo transport. Management gave detail answers to these questions. Analysts showed appreciation for this meeting. After this meeting, many analysts thought that the change of sharing holding would make Air China and Cathay Pacific Airways benefit together, it’s a multiple wins act, and it would provide good chance for both parties' closer operation cooperation.