Exhibit 4.8



Supplemental
Agreement No. 1



to



PURCHASE AGREEMENT NUMBER PA-4077



between



THE BOEING COMPANY



and



CHINA
EASTERN AIRLINES CORPORATION LIMITED



Relating
to Boeing Model 737-800 Aircraft



with



CHINA
EASTERN AVIATION IMPORT & EXPORT CORPORATION



as
consenting party 
and



EASTERN
AIR OVERSEAS (HONG KONG) LTD. 
as consenting party



THIS
SUPPLEMENTAL AGREEMENT NO. 1, entered into as of the 9th, day of July, 2015, by and between THE BOEING COMPANY, a Delaware corporation
with its principal offices in Seattle, Washington (Boeing) and CHINA EASTERN AIRLINES CORPORATION LIMITED with its principal office
in Shanghai, People's Republic of China (Customer),



All
terms used but not defined in this Supplemental Agreement No. 1 have the same meaning as in the Purchase Agreement.



WITNESSETH:



WHEREAS,
the parties hereto entered into Purchase Agreement No. PA-4077 dated June 13, 2014, relating to Boeing Model 737-800 aircraft
(the Aircraft), which agreement, as amended, together with all exhibits and specifications attached thereto and made a part thereof,
is hereinafter called the "Purchase
Agreement;"



|CEA-PA-03746 | SA-1-1             | SA-1
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WHEREAS, Customer and Boeing have
agreed to add fifty (50) 737-800 Aircraft.



NOW THEREFORE, in consideration of
the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as follows.



| | 1. | Table
of Contents.
| | -- | ------------------



The Table
of Contents is deleted in its entirety and a new Table
of Contents (attached) is substituted in lieu thereof, to reflect the incorporation of this Supplemental Agreement No.
1 into the Purchase Agreement.



| | 2. | Articles.
| | -- | ---------



The Articles
are deleted in their entirety and replaced by new Articles
(attached) and are substituted in lieu thereof, to reflect the incorporation of this Supplemental Agreement No. 1 into the Purchase
Agreement.



| | 3. | Table
2–Aircraft Information.
| | -- | -----------------------------



A new Table
2–Aircraft Information is added (attached) to the Purchase Agreement, to reflect the incorporation of this Supplemental
Agreement No. 1 into the Purchase Agreement.



| | 4. | Supplement Exhibit AE1 – ***
| | -- | ----------------------------



***



| | 5. | Letter
Agreement – ***
| | -- | ----------------------



***



| | 6. | Letter
Agreement – ***
| | -- | ----------------------



***



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| | 7. | Letter
Agreement –***
| | -- | ---------------------



***



The
Purchase Agreement shall be amended to the extent provided herein and, as so amended, shall continue in full force and effect. In
the event of any inconsistency between the above provisions and the provisions contained in the attachments to this Supplemental
Agreement, the terms of the attachments will control.



EXECUTED
IN QUADRIPLICATE as of the day and year first above written.



|THE BOEING COMPANY                                 |                  | CHINA EASTERN AIRLINES CORPORATIN LIMITED
|-------------------------------------------------- | ---------------- | -----------------------------------------
|                                                   |                  |                                          
|By                                                 |                  |                                          
|                                                   |                  |                                          
|Its                                                | Attorney-In-Fact |                                          
|                                                   |                  |                                          
|CHINA EASTERN AVIATION IMPORT & EXPORT CORPORATION |                  |                                          
|                                                   |                  |                                          
|By                                                 |                  |                                          
|                                                   |                  |                                          
|Its                                                | Chairman         |                                          
|                                                   |                  |                                          
|EASTERN AIR OVERSEAS (HONG KONG) LTD.              |                  |                                          
|                                                   |                  |                                          
|By                                                 |                  |                                          
|                                                   |                  |                                          
|Its                                                | Chairman         |                                          



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TABLE
OF CONTENTS



|ARTICLES              |                                                     |     
|--------------------- | --------------------------------------------------- | ----
|                      |                                                     |     
|Article 1             | Quantity, Model and Description                     | SA-1
|Article 2             | Delivery Schedule                                   | SA-1
|Article 3             | Price                                               | SA-1
|Article 4             | Payment                                             | SA-1
|Article 5             | Additional Terms                                    | SA-1
|                      |                                                     |     
|TABLE                 |                                                     |     
|                      |                                                     |     
|1                     | Aircraft Information Table                          |     
|2                     | Aircraft Information Table                          | SA-1
|                      |                                                     |     
|EXHIBIT               |                                                     |     
|                      |                                                     |     
|A                     | Aircraft Configuration                              |     
|B                     | Aircraft Delivery Requirements and Responsibilities |     
|                      |                                                     |     
|SUPPLEMENTAL EXHIBITS |                                                    
|                      |                                                     |     
|AE1                   | ***                                                 |     
|BFE1                  | BFE Variables                                       |     
|CS1                   | ***                                                 |     
|EE1                   | ***                                                 |     
|SLP1                  | Service life Policy Components                      |     



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LETTER AGREEMENTS



***



LETTERS



***



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Purchase
Agreement No. PA-4077



between



The
Boeing Company



and



China
Eastern Airlines Corporation Limited



This
Purchase Agreement No. PA-4077 between The Boeing Company, a Delaware corporation, (Boeing) and China Eastern Airlines
Corporation Limited, a People’s Republic of China corporation, (Customer) with China Eastern Aviation Import and
Export Trading Corp., Ltd. and Eastern Air Overseas (Hong Kong) Ltd. as consenting parties (Consenting Parties) relating to the
purchase and sale of Model 737-800 aircraft together with all tables, exhibits, supplemental exhibits, letter agreements and other
attachments thereto, if any, (Purchase Agreement) incorporates the terms and conditions (except as specifically set forth
below) of the Aircraft General Terms Agreement dated March 7, 2001 between the parties, identified as AGTA/CEA (AGTA).
Boeing and Consenting Parties consent and agree that Customer may utilize the AGTA for the Purchase Agreement, and Customer agrees
to be bound by the terms and conditions of the AGTA. All capitalized terms used but not defined in this Purchase Agreement have
the same meaning as in the AGTA.



| | 1. | Quantity,
Model and Description.
| | -- | --------------------------------



The
aircraft to be delivered to Customer will be designated as Model 737-800 aircraft (Aircraft). Boeing will manufacture and
sell to Customer Aircraft conforming to the configuration described in Exhibit A in the quantities listed in Table 1 and Table
2 (collectively, Tables) to the Purchase Agreement.



| | 2. | Delivery
Schedule.
| | -- | ------------------



The
scheduled months of delivery of the Aircraft are listed in the attached Tables. Exhibit B describes certain responsibilities for
both Customer and Boeing in order to accomplish the delivery of the Aircraft.



| | 3. | Price.
| | -- | ------



3.1         Aircraft
Basic Price. The Aircraft Basic Price is listed in the Tables and is subject to escalation in accordance with the terms
of this Purchase Agreement.



3.2         Advance
Payment Base Prices. The Advance Payment Base Prices listed in the Tables were calculated utilizing the latest escalation
factors available to Boeing on the date of this Purchase Agreement projected to the month of scheduled delivery.



| | 4. | Payment.
| | -- | --------



4.1         The
standard advance payment schedule for the Model 737-800 aircraft requires Customer to make certain advance payments, expressed
in a percentage of the Advance Payment Base Price of each Aircraft beginning with a payment of one percent (1%), on the effective
date of the Purchase Agreement for the Aircraft.



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Additional
advance payments for each Aircraft are due as specified in and on the first business day of the months listed in the attached Tables.



4.2         Not
Used.



4.3         For
any Aircraft whose scheduled month of delivery is less than twenty-four (24) months from the date of this Purchase Agreement, the
total amount of advance payments due for payment upon signing of this Purchase Agreement will include all advance payments which
are past due in accordance with the standard advance payment schedule set forth in paragraph 4.2 above.



4.4         Customer
will pay the balance of the Aircraft Price of each Aircraft at delivery.



| | 5. | Additional
Terms.
| | -- | -----------------



5.1         Aircraft
Information Table. The Tables consolidate information contained in Articles 1,2,3
and 4 with respect to (i) quantity of Aircraft, (ii) applicable Detail Specification, (iii) month and year of scheduled deliveries,
(iv) Aircraft Basic Price, (v) applicable escalation factors and (vi) Advance Payment Base Prices and advance payments and their
schedules.



5.2         Escalation
Adiustment/Airframe and Optional Features. Supplemental Exhibit AE1 contains the applicable airframe and optional features
escalation formula.



5.3         Buyer
Furnished Equipment Variables. Supplemental Exhibit BFE1 contains supplier selection dates, on dock dates and other
variables applicable to the Aircraft.



5.4         Customer
Support Variables. Information, training, services and other things furnished by Boeing in support of introduction
of the Aircraft into Customer's fleet are described in Supplemental Exhibit CS1. The level of support to be provided under Supplemental
Exhibit CS1 (Entitlements) assumes that at the time of delivery of Customer’s first Aircraft under the Purchase Agreement,
Customer has taken possession of a 737-800 aircraft whether such aircraft was purchased, leased or otherwise obtained by Customer
from Boeing or another party. Under no circumstances under the Purchase Agreement or any other agreement will Boeing provide the
Entitlements more than once to support Customer’s operation of 737-800 aircraft.



5.5         Engine
Escalation Variables. Supplemental Exhibit EE1 contains the applicable engine escalation formula, the engine warranty
and the engine patent indemnity for the Aircraft describes the applicable engine escalation formula and contains the engine warranty
and the engine patent indemnity for the Aircraft.



5.6         Service
Life Policy Component Variables. Supplemental Exhibit SLP1 lists the SLP Components covered by the Service Life Policy
for the Aircraft.



5.7         Public
Announcement. Boeing reserves the right to make a public announcement regarding Customer's purchase of the Aircraft
upon approval of Boeing's press release by Customer's public relations department or other authorized representative.



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5.8         Negotiated
Agreement; Entire Agreement. This Purchase Agreement, including the provisions of Article 8.2 of the AGTA relating to insurance,
and Article 11 of Part 2 of Exhibit C of the AGTA relating to DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND
OTHER DAMAGES, has been the subject of discussion and negotiation and is understood by the parties; the Aircraft Price and
other agreements of the parties stated in this Purchase Agreement were arrived at in consideration of such provisions. This Purchase
Agreement, including the AGTA, contains the entire agreement between the parties and supersedes all previous proposals, understandings,
commitments or representations whatsoever, oral or written, and may be changed only in writing signed by authorized representatives
of the parties.



|AGREED AND ACCEPTED this                           |  |                                           
|-------------------------------------------------- |  | ------------------------------------------
|                                                   |  |                                           
|July, 9, 2015                                      |  |                                           
|Date                                               |  |                                           
|                                                   |  |                                           
|THE BOEING COMPANY                                 |  | China Eastern Airlines Corporation Limited
|                                                   |  |                                           
|                                                   |  |                                           
|Signature                                          |  | Signature                                 
|                                                   |  |                                           
|                                                   |  | Tang Bing                                 
|Printed name                                       |  | Printed name                              
|                                                   |  |                                           
|Attorney-In-Fact                                   |  | Attorney-In-Fact                          
|Title                                              |  | Title                                     
|                                                   |  |                                           
|CHINA EASTERN AVIATION IMPORT & EXPORT CORPORATION |  | EASTERN AIR OVERSEAS (HONG KONG) LTD.     
|                                                   |  |                                           
|                                                   |  |                                           
|Signature                                          |  | Signature                                 
|                                                   |  |                                           
|                                                   |  |                                           
|Printed Name                                       |  | Printed Name                              
|                                                   |  |                                           
|Chairman                                           |  | Chairman                                  
|Title                                              |  | Title                                     



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Table 2 To
Purchase Agreement No. PA-4077
Aircraft Delivery, Description, Price and Advance Payments





|Airframe
    Model/MTOW:                         |  |  | 737-800        |  |  |  | 164,000
                                         pounds | 
|------------------------------------------------ |  |  | -------------- |  |  |  | ------------------------------------------------------- | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Engine Model/Thrust:                             |  |  | CFM56-7B24     |  |  |  | 24,000
                                         pounds  | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Airframe Price:                                  |  |  |                |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Optional Features:                               |  |  |                |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Sub-Total of Airframe
    and Features:          |  |  |                |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Engine Price (Per Aircraft):                     |  |  |                |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Aircraft Basic Price
    (Excluding BFE/SPE):    |  |  |                |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Buyer Furnished Equipment
    (BFE) Estimate:    |  |  |                |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Seller Purchased
    Equipment (SPE) Estimate:   |  |  |                |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Detail Specification:                            |  |  | D019A001CEA38P |  |  |  |                                                         | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Airframe Price Base
    Year/Escatation Formula: |  |  | ***            |  |  |  | ***                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Engine Price Base
    Year/Escalatin Formula:    |  |  | N/A            |  |  |  | N/A                                                     | 
|                                                 |  |  |                |  |  |  |                                                         | 
|Airframe
    Escalation Data:                    |  |  |                |  |  |  |                                                         | 
|                                                 |  |  |                |  |  |  |                                                         | 
|***                                              |  |  |                |  |  |  |                                                         | 



***











Table 2 To
Purchase Agreement No. PA-4077
Aircraft Delivery, Description, Price and Advance Payments



***



| | Total: | 50
| | ------ | --











***



between



THE
BOEING COMPANY



and



China
Eastern Airlines Corporation Limited



Supplemental
Exhibit AE1

to
Purchase Agreement Number PA-4077



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| | The Boeing Company
        P O Box 3707
        Seattle WA 98124-2207
| | ---------------------------------------------------------------------



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| | The Boeing Company
        P O Box 3707
        Seattle WA 98124-2207
| | ---------------------------------------------------------------------



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|Very truly yours,                                  |                                                               
|-------------------------------------------------- | --------------------------------------------------------------
|                                                   |                                                               
|THE BOEING COMPANY                                 |                                                               
|                                                   |                                                               
|By                                                 |                                                               
|                                                   |                                                               
|Its                                                | Attorney-In-Fact                                              
|                                                   |                                                               
|ACCEPTED AND AGREED TO this                        |                                                               
|                                                   |                                                               
|Date:                                              | July, 9, 2015                                                 
|                                                   |                                                               
|CHINA EASTERN AIRLINES CORPORATION LIMITED        
|                                                   |                                                               
|By                                                 |                                                               
|                                                   |                                                               
|Its                                                | Tang Bing                                     Attorney-In-Fact
|                                                   |                                                               
|CHINA EASTERN AVIATION IMPORT & EXPORT CORPORATION
|                                                   |                                                               
|By                                                 |                                                               
|                                                   |                                                               
|Its                                                | Chairman                                                      







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| | The Boeing Company
        P O Box 3707
        Seattle WA 98124-2207
| | ---------------------------------------------------------------------



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|Very truly yours,                                  |                 
|-------------------------------------------------- | ----------------
|                                                   |                 
|THE BOEING COMPANY                                 |                 
|                                                   |                 
|By                                                 |                 
|                                                   |                 
|Its                                                | Attorney-In-Fact
|                                                   |                 
|ACCEPTED AND AGREED TO this                        |                 
|                                                   |                 
|Date:                                              | July, 9, 2015   
|                                                   |                 
|CHINA EASTERN AIRLINES CORPORATION LIMITED        
|                                                   |                 
|By                                                 |                 
|                                                   |                 
|Its                                                | Attorney-In-Fact
|                                                   |                 
|CHINA EASTERN AVIATION IMPORT & EXPORT CORPORATION
|                                                   |                 
|By                                                 |                 
|                                                   |                 
|Its                                                | Chairman        



Attachment



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