09:39     CHINA SOUTH AIR<01055> - Announcement                               

    The Stock Exchange of Hong Kong Limited takes no responsibility for the   
    contents of this announcement, makes no representation as to its          
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon the    
    whole or any part of the contents of this announcement.                   
                                                                              
    CHINA SOUTHERN AIRLINES COMPANY LIMITED                                   
    (a joint stock limited company incorporated in the People's Republic of   
    China with limited liability)                                             
                                                                              
    (Stock Code: 1055)                                                        
                                                                              
    MAJOR TRANSACTION                                                         
    DELAY IN DESPATCH OF CIRCULAR                                             
                                                                              
    Reference is made to the announcement of the Company published in the     
    newspaper on April 22, 2005 in connection with the Airbus Aircraft        
    Acquisition Agreement and the Transaction contemplated therein, which     
    constitutes a major transaction of the Company under the Listing Rules.   
    The despatch of the Circular will be delayed from May 13, 2005 to a       
    date on or before May 27, 2005.                                           
                                                                              
    Reference is made to the announcement of the Company published in the     
    newspaper dated April 22, 2005 (the "Announcement") in connection with    
    the Airbus Aircraft Acquisition Agreement and the Transaction             
    contemplated therein, which constitutes a major transaction of the        
    Company under the Listing Rules. Unless otherwise defined herein, all     
    capitalized terms used herein shall have the same meanings as defined     
    in the Announcement.                                                      
                                                                              
    In accordance with Rules 14.38 and 14.40 of the Listing Rules, a          
    circular (the "Circular") setting out the details of the Transaction is   
    to be despatched to shareholders within 21 days after publication of      
    the Announcement. As additional time will be required to finalize the     
    Circular, in particular the confirmation and financial information from   
    the banks and lessors of finance leases, to which the Company is a        
    party, regarding the bank loans and finance lease obligations of the      
    Company to prepare the indebtedness statements and financial              
    information in the Circular, the Company has applied to the Stock         
    Exchange for an extension of the date for despatch of the Circular to     
    the shareholders. The despatch of the Circular will be delayed from May   
    13, 2005 to a date on or before May 27, 2005.                             
                                                                              
    By order of the Board                                                     
    Su Liang                                                                  
    Company Secretary                                                         
                                                                              
    Guangzhou, the People's Republic of China                                 
    May 13, 2005                                                              
                                                                              
    As at the date of this announcement, the Directors of the Company         
    include Liu Shao Yong, Liu Ming Qi, Peng An Fa, Wang Quan Hua, Zhao Liu   
    An, Zhou Yong Qian, Zhou Yong Jin, Xu Jie Bo, Wu Rong Nan and Si Xian     
    Min as executive Directors; and Simon To, Peter Lok, Wei Ming Hai, Wang   
    Zhi and Sui Guang Jun as independent non-executive Directors.