09:50     CNAC<01110> - Announcement (4)                                      

    Macau                                                                     
                                                                              
    "CNAH"  China National Aviation Holding Company (*),                      
    a state-owned enterprise incorporated                                     
    under the laws of the PRC                                                 
                                                                              
    "Company"       China National Aviation Company Limited,                  
    a company incorporated under the laws of Hong Kong                        
    with limited liability, whose shares are listed on                        
    the Stock Exchange                                                        
                                                                              
    "Directors"     the directors of the Company                              
                                                                              
    "Dragonair"     Hong Kong Dragon Airlines Limited, an                     
    airline operator incorporated in Hong Kong with                           
    limited liability and a 43.29% owned associated                           
    company of the Company                                                    
                                                                              
    "Easy Advance"  Easy Advance Limited, a company                           
    incorporated in the British Virgin Islands and an                         
    indirect wholly-owned subsidiary of CNAH                                  
                                                                              
    "Group" the Company and its subsidiaries                                  
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative                      
    Region of the PRC                                                         
                                                                              
    "Landlords"     Easy Advance and Wise Advise                              
                                                                              
    "Listing Rules" The Rules Governing the Listing of                        
    Securities on the Stock Exchange                                          
                                                                              
    "Macau" the Macau Special Administrative Region of                        
    the PRC                                                                   
                                                                              
    "Premises"      the premises leased under the tenancy                     
    agreement as set out in the paragraph headed "Premises                    
    Leased" in this announcement                                              
                                                                              
    "PRC"   The People's Republic of China                                    
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong                   
    Limited                                                                   
                                                                              
    "Tenancy Agreement"     the tenancy agreement dated 26                    
    July, 2004 entered into between Air Macau and the                         
    Landlords pursuant to which the Landlords agreed to                       
    lease the Premises to Air Macau                                           
                                                                              
    "Wise Advice"   Wise Advice Limited, a company                            
    incorporated in the British Virgin Islands and an                         
    indirect wholly-owned subsidiary of CNAH                                  
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong                    
    Kong                                                                      
                                                                              
    "MOP"   Macau Patacas, the lawful currency of Macau                       
                                                                              
    In this announcement, except as otherwise indicated,                      
    MOP has been translated into HK$ at the rate of HK$1.00                   
    = MOP1.03 for reference purpose only.                                     
                                                                              
    By Order of the Board                                                     
    Kong Dong                                                                 
    Chairman                                                                  
                                                                              
    Hong Kong, 21 March, 2005                                                 
                                                                              
    As at the date of this announcement, the executive                        
    Directors are Messrs. Kong Dong, Chuang Shih Ping,                        
    Zhang Xianlin, Tsang Hing Kwong, Thomas, Gu Tiefei                        
    and Zhao Xiaohang and the independent non-executive                       
    Directors are Messrs. Lok Kung Nam, Hu Hung Lick,                         
    Henry, Ho Tsu Kwok, Charles, Li Kwok Heem, John and                       
    Chan Ching Har, Eliza.