11:57     CHINA EAST AIR<00670> - Announcement (20)                           

    "Enlarged Group"        means the Company                                 
    and its subsidiaries following completion of the Proposed                 
    Acquisition;                                                              
                                                                              
    "Group" means the Company and its subsidiaries;                           
                                                                              
    "HK$"   means Hong Kong dollars, the lawful currency of Hong              
    Kong;                                                                     
                                                                              
    "Hong Kong"     means Hong Kong                                           
    Special Administrative Region of the People's Republic of China;          
                                                                              
    "Independent Board  Committee"  means a committee of                      
    the Board comprising all the independent non-executive Directors          
    (namely, Mr. Hu Honggao, Mr. Peter Lok, Mr. Wu Baiwang, Mr. Zhou          
    Ruijin and Mr. Xie Rong) established for the purpose of considering       
    and advising the Independent Shareholders in connection with the          
    Proposed Acquisition, the Continuing Connected Transactions and the       
    associated annual caps;                                                   
                                                                              
    "Independent  Shareholders"     means shareholders of                     
    the Company except CEA Holding (being the controlling shareholder,        
    and hence a connected person, of the Company having a material            
    interest in the Proposed Acquisition and the Continuing Connected         
    Transactions) and its associate(s), if any;                               
                                                                              
    "Listing Rules" means the Rules                                           
    Governing the Listing of Securities on The Stock Exchange of Hong         
    Kong Limited;                                                             
                                                                              
    "PRC"   means the People's Republic of China;                             
                                                                              
    "Proposed  Acquisition" means the proposed                                
    acquisition by the Company of certain assets and liabilities relating     
    to the aviation businesses of CEA Northwest and CEA Yunnan                
    pursuant to the Acquisition Agreement;                                    
                                                                              
    "RMB"   means Renminbi yuan, the lawful currency of the PRC;              
                                                                              
    "Stock Exchange"        means The Stock                                   
    Exchange of Hong Kong Limited; and                                        
                                                                              
    "%"     means per cent.                                                   
                                                                              
    In this announcement, unless otherwise stated, conversion of              
    Renminbi yuan into Hong Kong dollars is calculated at the                 
    approximate rate of RMB1.06 to HK$1.00, for the purpose of                
    illustration only, and does not constitute a representation that any      
    amount has been, could have been, or may otherwise be exchanged or        
    converted at this or any other rate.                                      
                                                                              
    By order of the Board                                                     
    CHINA EASTERN AIRLINES CORPORATION LIMITED                                
    Li Fenghua                                                                
    Chairman                                                                  
                                                                              
    The Directors, as at the date of this announcement, are:                  
                                                                              
    Li Fenghua (Chairman, Executive Director)                                 
    Ye Yigan (Non-executive Director)                                         
    Cao Jianxiong (Non-executive Director)                                    
    Wan Mingwu (Vice President, Executive Director)                           
    Zhong Xiong (Non-executive Director)                                      
    Luo Zhuping (Executive Director)                                          
    Hu Honggao (Independent non-executive Director)                           
    Peter Lok (Independent non-executive Director)                            
    Wu Baiwang (Independent non-executive Director)                           
    Zhou Ruijin (Independent non-executive Director)                          
    Xie Rong (Independent non-executive Director)                             
                                                                              
    Shanghai, the PRC                                                         
    12th May, 2005                                                            
                                                                              
    * For the Chinese name, please refer to the press announcement today.