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| Clauses |                                              |   |
|---------|---------------------------------------------------|--------|
|    |                                              |   |
| 0       | SUPPLEMENTARY      DEFINITIONS                    |   |
|    |                                              |   |
| 1       | QUANTITY,      MODEL AND DESCRIPTION              |   |
|    |                                              |   |
| 2       | AIRCRAFT      DEFINITION                          |   |
|    |                                              |   |
| 3       | BASE      PRICES                                  |   |
|    |                                              |   |
| 4       | DELIVERY      SCHEDULE                            |   |
|    |                                              |   |
| 5       | PAYMENTS                                          |   |
|    |                                              |   |
| 6       | LIQUIDATED      DAMAGES                           |   |
|    |                                              |   |
| 7       | WARRANTIES      AND SERVICE LIFE POLICY           |   |
|    |                                              |   |
| 8       | TECHNICAL      DATA                               |   |
|    |                                              |   |
| 9       | SELLER      REPRESENTATIVE SERVICES               |   |
|    |                                              |   |
| 10      | NEGOTIATED      AGREEMENT                         |   |
|    |                                              |   |
| 11      | APPLICABILITY                                     |   |
|    |                                              |   |
| 12      | CONFIDENTIALITY                                   |   |
|    |                                              |   |
| 13      | CONTRACTS      (RIGHTS OF THIRD PARTIES) ACT 1999 |   |
|    |                                              |   |
| 14      | LAW      AND JURIDICTION                          |   |
|    |                                              |   |
| 15      | COUNTERPARTS                                      |   |

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| Appendices |                                                  |
|------------|-------------------------------------------------------|
|       |                                                  |
| A          | STANDARD      SPECIFICATIONS FOR A320 FAMILY AIRCRAFT |
|       |                                                  |
| B          | AIFRAME      PRICE REVISION FORMULA                   |
|       |                                                  |
| C-1        | CFM      PRICE REVISION FORMULA                       |
|       |                                                  |
| C-2        | IAE      PRICE REVISIONFORMULA                        |

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| A. | The      Seller and the Buyer, with the consent of the Consenting Party, have      signed an aircraft general terms agreement reference CT0803291 dated as of      even date herewith (the “AGTA“) which constitutes      an integral part of this Agreement. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Subject      to the terms and conditions of this Agreement and of the AGTA, the Seller      desires to sell the Aircraft to the Buyer and the Buyer desires to      purchase the Aircraft from theSeller. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 0. | SUPPLEMENTARY      DEFINITIONS |
|----|--------------------------------|

| 0.1 | In      addition to the words and the terms elsewhere defined in this Agreement,      the initially capitalised words and terms used in this Agreement shall      have the meaning set out below. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 0.2 | Capitalised      words and terms used in this Agreement which are not defined herein shall      have the meaning assigned thereto in theAGTA |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| A319      Airframe      | means      the A319 Aircraft excluding the A319 PropulsionSystems.                                                                                                                                                                                                                                    |
|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                                                                                                                                                                                                                                                                                                  |
| A320      Airframe      | means      the A320 Aircraft excluding the A320 PropulsionSystems.                                                                                                                                                                                                                                    |
|                    |                                                                                                                                                                                                                                                                                                  |
| A321      Airframe      | means      the A321 Aircraft excluding the A321 Propulsion Systems                                                                                                                                                                                                                                    |
|                    |                                                                                                                                                                                                                                                                                                  |
| A319      Aircraft      | means      an Airbus A319-100 model aircraft including      the A319 Airframe, the applicable Propulsion Systems, and any part,      component, furnishing or equipment installed on the A319 Aircraft on      Delivery under the terms and conditions of this Agreement and the      AGTA. |
|                    |                                                                                                                                                                                                                                                                                                  |
| A320      Aircraft      | means      an Airbus A320-200 model aircraft including      the A320 Airframe, the applicable Propulsion Systems, and any part,      component, furnishing or equipment installed on the A320 Aircraft on      Delivery under the terms and conditions of this Agreement and the      AGTA. |
|                    |                                                                                                                                                                                                                                                                                                  |
| A321      Aircraft      | means      an Airbus A321-200 model aircraft including      the A321 Airframe, the applicable Propulsion Systems, and any part,      component, furnishing or equipment installed on the A321 Aircraft on      Delivery under the terms and conditions of this Agreement and the      AGTA. |
|                    |                                                                                                                                                                                                                                                                                                  |
| A319      Specification | means      either (a) the A319 Standard Specification if no SCNs are applicable or      (b) if SCNs are issued, the A319 Standard Specification as amended by all      applicable SCNs and MSCNs.                                                                                                     |
|                    |                                                                                                                                                                                                                                                                                                  |
| A320      Specification | means      either (a) the A320 Standard Specification if no SCNs are applicable or      (b) if SCNs are issued, the A320 Standard Specification as amended by all      applicable SCNs and MSCNs.                                                                                                     |
|                    |                                                                                                                                                                                                                                                                                                  |
| A321      Specification | means      either (a) the A321 Standard Specification if no SCNs are applicable or      (b) if SCNs are issued, the A321 Standard Specification as amended by all      applicable SCNs andMSCNs.                                                                                                      |

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| A319      Standard |                                                                                                                                                                                                                    |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Specification      | means      the A319-100 standard      specification document number J.000.01000 Issue 6, dated March 1, 2007 a      copy of which has been annexed hereto as Appendix A-1, with the following      design weights: |

| MTOW:  | 64.0      tonnes     |
|-------------|----------------------|
| MLW:        | 61.0      tonnes and |
| MZFW:       | 57.0      tonnes     |

| A320      Standard |                                                                                                                                                                                                                    |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Specification      | means      the A320-200 standard      specification document number D.000.02000 Issue 7, dated March 1, 2007 a      copy of which has been annexed hereto as Appendix A-2, with the following      design weights: |

| MTOW: | 73.5      tonnes     |
|-------|----------------------|
| MLW:  | 64.5      tonnes and |
| MZFW: | 61.0      tonnes     |

| A321      Standard |                                                                                                                                                                                                                    |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Specification      | means      the A321-200 standard      specification document number E.000.02000 Issue 4, dated March 1, 2007 a      copy of which has been annexed hereto as Appendix A-2, with the following      design weights: |

| MTOW: | 89      tonnes       |
|-------|----------------------|
| MLW:  | 75.5      tonnes and |
| MZFW: | 71.5      tonnes     |

| Airframe      Base Price | means,  (i)      with respect to the A319 Airframe, the A319 Airframe Base Price set forth      in Clause 3.1.1 ; (ii) with respect to the A320 Airframe, the A320      Airframe Base Price set forth in Clause 3.1.2; (iii) with respect to the      A321 Airframe, the A321 Airframe Base Price set forth in Clause 3.1.3; and      with respect to the Aircraft means any or all of the A319 Airframe Base      Price, A320 Airframe Base Price and A321 Airframe Base    Price. |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Aircraft                 | means      any or all of the A319 Aircraft, A320 Aircraft and A321      Aircraft.                                                                                                                                                                                                                                                                                                                                                                                                             |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Base      Delivery       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Condition      Year      | ***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Base      Price          | means      (i) the sum of the applicable Airframe Base Price and the applicable      Propulsion Systems Base Price or (ii) the Aircraft Base    Price                                                                                                                                                                                                                                                                                                                                         |

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| Daily      Liquidated     |                                                                                              |
|---------------------------|---------------------------------------------------------------------------------------------------|
| Damages      Amount       | as      specified in Clause 6                                                                     |
|                      |                                                                                              |
| First      Quarter        | means the months of      January, February, March                                                 |
|                      |                                                                                              |
| Fourth      Quarter       | means the months of      October, November, December                                              |
|                      |                                                                                              |
| PEP      Revision Service |                                                                                              |
| Period                    | as      specified in Clause 8                                                                     |
|                      |                                                                                              |
| Propulsion      Systems   |                                                                                              |
| Base      Price           | as      specified in Clause 3.2                                                                   |
|                      |                                                                                              |
| Propulsion      Systems   |                                                                                              |
| Manufacturer              | means      the manufacturer of the Propulsion Systems                                             |
|                      |                                                                                              |
| Propulsion      Systems   |                                                                                              |
| Reference      Price      | as      specified in Clause 3.2                                                                   |
|                      |                                                                                              |
| Quarter                   | means      any or all of the First Quarter, Second Quarter, Third Quarter and Fourth      Quarter |
|                      |                                                                                              |
| Revision      Service     |                                                                                              |
| Period                    | as      specified in Clause 8                                                                     |
|                      |                                                                                              |
| Second      Quarter       | means the months of      April, May, June                                                         |
|                      |                                                                                              |
| Third      Quarter        | means the months of      July, August,September                                                   |

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| 0.3 | Clause headings      and the index are inserted for convenience of reference only and shall be      ignored in the interpretation of thisAgreement |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 0.4 | In      this Agreement unless the context otherwise  requires: |
|-----|----------------------------------------------------------------|

|   | (a) | references      to Clauses, Schedules, Appendices, and Exhibits are to be construed as      references to the Clauses, Schedules, Appendices, and Exhibits to this      Agreement and references to this Agreement include its Clauses, Schedules,      Exhibits and Appendices. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | words      importing the plural shall include the singular and vice versa;      and |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (c) | references      to a person shall be construed as including, without limitation,      references to an individual, firm, company, corporation, unincorporated      body of persons and any state or agency of a  state. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1. | QUANTITY |
|----|----------|

| 2. | AIRCRAFT      DEFINITION |
|----|--------------------------|

| 2.1 | Aircraft      Standard Specification Definition |
|-----|-------------------------------------------------|

| 2.1.1 | Standard Specification for A319      Aircraft |
|-------|-----------------------------------------------|

| 2.1.2 | Standard Specification for the      A320 Aircraft |
|-------|---------------------------------------------------|

| 2.1.3 | Standard Specification for the      A321 Aircraft |
|-------|---------------------------------------------------|

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| 2.2 | Propulsion      Systems |
|-----|-------------------------|

| 2.2.1 | The      A319 Airframe will be equipped with a set of two  (2): |
|-------|-----------------------------------------------------------------|

|   | (i) | CFM      International CFM 56-5B5/3 engines,or |
|--------|-----|------------------------------------------------|

|   | (ii) | International      Aero Engines IAE V2522-A5 engines |
|--------|------|------------------------------------------------------|

| 2.2.2 | The      A320 Airframe will be equipped with a set of two  (2): |
|-------|-----------------------------------------------------------------|

|   | (i) | CFM      International CFM 56-5B4/3 engines,or |
|--------|-----|------------------------------------------------|

|   | (ii) | International      Aero Engines IAE V2527-A5 engines |
|--------|------|------------------------------------------------------|

| 2.2.3 | The      A321 Airframe will be equipped with a set of two  (2): |
|-------|-----------------------------------------------------------------|

|   | (i) | CFM      International CFM 56-5B3/3 engines,or |
|--------|-----|------------------------------------------------|

|   | (ii) | International      Aero Engines IAE V2533-A5 engines |
|--------|------|------------------------------------------------------|

| 2.2.4 | The      Buyer shall notify the Seller in writing of its selection of Propulsion      Systems type for the Aircraft by no later than *** prior to the Scheduled      Delivery Month of the first Aircraft based on the Aircraft delivery      schedule set forth in Clause 4 herein.  Such selection shall be      incorporated in the applicable Aircraft Specification by signature of a      Specification Change Notice. If the Buyer does not      select its Propulsion Systems type as agreed herein, in addition to its      other rights, the Seller will have the right to defer the Scheduled      Delivery Months of any or all of the  Aircraft. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3. | BASE      PRICES |
|----|------------------|

| 3.1 | Airframe      Base Price |
|-----|--------------------------|

| 3.1.1 | A319 Airframe Base      Price |
|-------|-------------------------------|

|   | (i) | the      base price of the standard A319 Airframe as defined in the A319 Standard      Specification excluding Buyer Furnished Equipment and including for the      avoidance of doubt engine accessories, nacelles and thrust reversers,      which is: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ***      and |
|--------|--------------|

|   | (ii) | the      budgetary sum of the base prices of the A319 Specification Change Notices      (SCNs), which is: |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | *** |
|--------|-----|

| 3.1.2 | A320 Airframe Base      Price |
|-------|-------------------------------|

|   | The      A320 Airframe Base      Price is the sum of: |
|--------|-------------------------------------------------------|

|   | (i) | the      base price of the standard A320 Airframe as defined in the A320 Standard      Specification excluding Buyer Furnished Equipment and including for the      avoidance of doubt engine accessories, nacelles and thrust reversers,      which is: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ***,      and |
|--------|---------------|

|   | (ii) | the      budgetary sum of the base prices of the A320 Specification Change Notices      (SCNs) , which is: |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | *** |
|--------|-----|

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| 3.1.3 | A321 Airframe Base      Price |
|-------|-------------------------------|

|   | (i) | the      base price of the standard A321 Airframe as defined in the A321 Standard      Specification excluding Buyer Furnished Equipment and including for the      avoidance of doubt engine accessories, nacelles and thrust reversers,      which is: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ***,      and |
|--------|---------------|

|   | (ii) | the      budgetary sum of the base prices of the A321 Specification Change Notices      (SCNs) , which is: |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | *** |
|--------|-----|

| 3.1.4 | The      Airframe Base Price is expressed in United States Dollars (USD) at      ***delivery conditions. It is subject to adjustment up to the Aircraft      Delivery Date in accordance with the Airframe Price Revision Formula set      out in Appendix B. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Propulsion      Systems Base Price |
|-----|------------------------------------|

| 3.2.1 | CFM      International |
|-------|------------------------|

| 3.2.1.1 | CFM56-5B5/3      for the A319 Aircraft |
|---------|----------------------------------------|

| 3.2.1.2 | CFM56-5B4/3      for the A320 Aircraft |
|---------|----------------------------------------|

| 3.2.1.3 | CFM56-5B3/3      for the A321 Aircraft |
|---------|----------------------------------------|

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| 3.2.2 | IAE |
|-------|-----|

| 3.2.2.1 | IAE      V2522-A5 for the A319 Aircraft |
|---------|-----------------------------------------|

| 3.2.1.2 | IAE      V2527-A5 for the A320 Aircraft |
|---------|-----------------------------------------|

| 3.2.1.3 | IAE      V2533-A5 for the A321 Aircraft |
|---------|-----------------------------------------|

| 3.3 | Base      Price of the Aircraft |
|-----|---------------------------------|

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| 4. | DELIVERY      SCHEDULE |
|----|------------------------|

| Aircraft      N°1  | ***      2011 |
|-------------------------|---------------|
| Aircraft      N°2  | ***      2011 |
| Aircraft      N°3  | ***      2011 |
| Aircraft      N°4  | ***      2011 |
| Aircraft      N°5  | ***           |
| Aircraft      N°6  | ***           |
| Aircraft      N°7  | ***           |
| Aircraft      N°8  | ***           |
| Aircraft      N°9  | ***           |
| Aircraft      N°10 | ***           |
| Aircraft      N°11 | ***           |
| Aircraft      N°12 | ***           |
| Aircraft      N°13 | ***      2013 |
| Aircraft      N°14 | ***      2013 |
| Aircraft      N°15 | ***      2013 |
| Aircraft      N°16 | ***2013       |
| Aircraft      N°17 | ***      2013 |
| Aircraft      N°18 | ***      2013 |
| Aircraft      N°19 | ***      2013 |
| Aircraft      N°20 | ***      2013 |

| 5. | PAYMENTS |
|----|----------|

| 5.1 | With      respect to Clause 5.3.1 of the AGTA, the predelivery payment reference      price is determined by the followingformula: |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | With      respect to Clause 5.3.2 of the AGTA, The Predelivery Payments shall be      made in accordance with the followingschedule: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | With      respect to Clause 5.3.5 of the AGTA, the Seller shall be entitled to      request Predelivery Payments for each SCN executed after signature of this      Agreement: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6. | LIQUIDATED      DAMAGES |
|----|-------------------------|

| 7. | WARRANTIES AND SERVICE      LIFE POLICY |
|----|-----------------------------------------|

| 7.1 | With      respect to Clause 12.1.3 of the AGTA, the Warranty Period shall be      ***. |
|-----|----------------------------------------------------------------------------------------|

| 7.2 | With      respect to Clause 12.2.2 of the AGTA, if a Failure occurs in an Item      before the Aircraft in which such Item has been originally installed has      completed *** to the Buyer, ***, then the Seller shall comply with the      undertakings defined in such Clause12.2.2. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | With      respect to Clause 12.2.3 of the AGTA,***. |
|-----|-----------------------------------------------------|

| 7.4 | Waiver, Release and      Renunciation |
|-----|---------------------------------------|

|   | A. | ANY      WARRANTY AGAINST HIDDEN DEFECTS; |
|--------|----|-------------------------------------------|

|   | B. | ANY      IMPLIED WARRANTY OF MERCHANTABILITY ORFITNESS; |
|--------|----|---------------------------------------------------------|

|   | C. | ANY      IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR      USAGE OR TRADE; |
|--------|----|---------------------------------------------------------------------------------------------------------|

|   | D. | ANY      OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY, WHETHER IN CONTRACT OR IN      TORT, WHETHER OR NOT ARISING FROM THE SELLER’S NEGLIGENCE, ACTUAL OR      IMPUTED; AND |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | E. | ANY      OBLIGATION, LIABILITY, RIGHT, CLAIM, OR REMEDY FOR LOSS OF OR DAMAGE TO      ANY AIRCRAFT, COMPONENT, EQUIPMENT, ACCESSORY, PART, SOFTWARE, DATA OR      SERVICES DELIVERED UNDER THIS AGREEMENT, FOR LOSS OF USE, REVENUE OR      PROFIT, OR FOR ANY OTHER DIRECT, INCIDENTAL OR CONSEQUENTIAL      DAMAGES, |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | TECHNICAL      DATA |
|----|---------------------|

| 8.1 | Pursuant      to Clause 14 of the AGTA, Technical Data shall be supplied in accordance      with Exhibit G of the AGTA *** (the “Revision Service      Period”). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Pursuant      to Clause 14.13.3 of the AGTA, the license to use the Performance Engineer      Program (the “PEP”) and the revision      service shall be provided on a *** (the “PEP Revision Service      Period”). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | With      respect to Clause 14.7 of the AGTA, upon request by the Buyer, the Seller      shall provide up to *** of Technical Data familiarization training at the      Seller’s or the Buyer’s facilities. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | SELLER REPRESENTATIVE      SERVICES |
|----|-------------------------------------|

| 9.1 | The      Seller shall provide to the Buyer a total of *** of Seller Representative      Services per Aircraft at the Buyer's main base or at other locations to be      mutually agreed, limited to a total of *** for the  fleet. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | For      the sake of clarification, such Seller Representatives’ services shall      include initial Aircraft Entry Into Service assistance, sustaining support      services and sparesrepresentatives. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | The      number of the Seller Representatives assigned to the Buyer at any one time      shall be mutually agreed, but shall at no time exceed *** Seller      Representatives. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 10. | NEGOTIATED      AGREEMENT |
|-----|---------------------------|

| 11. | APPLICABILITY |
|-----|---------------|

| 12. | CONFIDENTIALITY |
|-----|-----------------|

| 13. | CONTRACTS (RIGHTS OF      THIRD PARTIES) ACT 1999 |
|-----|---------------------------------------------------|

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| 14. | LAW AND      JURISDICTION |
|-----|---------------------------|

| 14.1 | This      Agreement and the AGTA shall be governed by and construed in accordance      with the laws of England. |
|------|------------------------------------------------------------------------------------------------------------------|

| 14.2 | Any      dispute, controversy or claim arising out of or in connection with this      Agreement and/or the AGTA, including any question regarding their      existence, validity or termination ("Dispute") shall be referred to and      finally resolved in accordance with the following    procedure. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | COUNTERPARTS |
|-----|--------------|

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| Agreed      and Accepted     |               | Agreed      and Accepted  |
|------------------------------|--------------------------------------------------------------------------------|---------------------------|
|                         |                                                                           |                      |
| For      and on behalf of    |                                                                           | For      and on behalf of |
|                         |                                                                           |                      |
| CHINA      SOUTHERN AIRLINES |                                                                           | AIRBUS      S.A.S.        |
| COMPANY      LIMITED         |                                                                           |                      |
|                         |                                                                           |                      |
| Name:              |                                                                 |                      | Name: |     |
|                         |                                                                           |                      |
| Title:                       |                                                                 |                      | Title: |     |

| Witnessed      and acknowledged,           |   |
|--------------------------------------------|--------|
|                                       |   |
| For      and on behalf of                  |   |
|                                       |   |
| CHINA      SOUTHERN AIRLINES GROUP         |   |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |
|                                       |   |
| Name:                                      |   |   |
|                                       |   |
| Title:                                     |   |   |

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| 1 | Base      Prices |
|---|------------------|

| 2 | Base      Period |
|---|------------------|

| 3 | Indexes |
|---|---------|

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| 4 | Revision      Formula |
|---|-----------------------|

| 5 | General      Provisions |
|---|-------------------------|

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| 1 | Reference      Price of the PropulsionSystems |
|---|-----------------------------------------------|

| 2 | Reference      Period |
|---|-----------------------|

| 3 | Indexes |
|---|---------|

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| 4 | Revision      Formula |
|---|-----------------------|

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| 5 | General      Provisions |
|---|-------------------------|

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| 1 | Reference      Price |
|---|----------------------|

| 2 | Reference      Period |
|---|-----------------------|

| 3 | Indexes |
|---|---------|

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| 4 | Revision      Formula |
|---|-----------------------|

| 5 | General      Provisions |
|---|-------------------------|

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| Agreed      and Accepted     |                     | Agreed      and Accepted   |
|------------------------------|--------------------------|----------------------------|
|                         |                     |                       |
| For      and on behalf of:   |                     | For      and on behalf of: |
|                         |                     |                       |
| CHINA      SOUTHERN AIRLINES |                     | AIRBUS      S.A.S.         |
| COMPANY      LIMITED         |                     |                       |
|                         |                     |                       |
| Name:                        |      |                       | Name: |      |
|                         |                     |                       |   |
| Title:                       |      |                       | Title: |      |

| Witnessed      and acknowledged,           |               |
|--------------------------------------------|--------------------|
|                                       |               |
| For      and on behalf of                  |               |
|                                       |               |
| CHINA      SOUTHERN AIRLINES GROUP         |               |
| IMPORT      AND EXPORT TRADING CORP., LTD. |               |
|                                       |               |
| Name:                                      |     |   |
|                                       |               |   |
| Title:                                     |     |   |

| PA      A320 CSN 2009 | LA1    | Page      3/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA2    | Page      1/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA2    | Page      2/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted     |    | Agreed      and Accepted   |
|------------------------------|--------------|----------------------------|
|                         |         |                       |
| For      and on behalf of:   |         | For      and on behalf of: |
|                         |         |                       |
| CHINA SOUTHERN      AIRLINES |         | AIRBUS      S.A.S.         |
| COMPANY      LIMITED         |         |                       |

| Name:      ______________________                    |    | Name:      ________________________                    |
|------------------------------------------------------|--------------|--------------------------------------------------------|
|                                                 |         |                                                   |
| Title:    ______________________ |         | Title:    ________________________ |

|                                                 |
|------------------------------------------------------|
| Name:      ______________________                    |
|                                                 |
| Title:    ______________________ |

| PA      A320 CSN 2009 | LA2    | Page      3/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA3    | Page      1/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA3    | Page      2/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |         | Agreed      and Accepted   |
|--------------------------------------------|--------------|----------------------------|
|                                       |         |                       |
| For      and on behalf of:                 |         | For      and on behalf of: |
|                                       |         |                       |
| CHINA      SOUTHERN AIRLINES               |         | AIRBUS      S.A.S.         |
| COMPANY      LIMITED                       |         |                       |   |
|                                       |         |                       |   |   |
| Name:                            |         |                       | Name:   |   |
|                                       |         |                       |   |   |
| Title:                                     |         |                       | Title: |   |
|                                       |         |                       |   |   |
| Witnessed      and acknowledged,           |         |                       |   |
|                                       |         |                       |   |
| For      and on behalf of                  |         |                       |   |
|                                       |         |                       |   |
| CHINA      SOUTHERN AIRLINES GROUP         |         |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |         |                       |
|                                       |         |                       |   |   |
| Name:                                      |    |                       |   |   |
|                                       |         |                       |   |   |
| Title:                                     |    |                       |   |   |

| PA      A320 CSN 2009 | LA3    | Page      3/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA4    | Page      1/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA4    | Page      2/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |   | Agreed      and Accepted   |
|--------------------------------------------|--------|----------------------------|
|                                       |   |                       |
| For      and on behalf of:                 |   | For      and on behalf of: |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES               |   | AIRBUS      S.A.S.         |
| COMPANY      LIMITED                       |   |                       |   |
|                                       |   |                       |   |   |
| Name:                            |   |                       | Name:   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       | Title: |   |
|                                       |   |                       |   |   |
| Witnessed      and acknowledged,           |   |                       |
|                                       |   |                       |
| For      and on behalf of                  |   |                       |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |   |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |                       |
|                                       |   |                       |   |   |
| Name:                                      |   |                       |   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       |   |   |

| PA      A320 CSN 2009 | LA4    | Page      3/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA5A   | Page      1/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 1 | AIRCRAFT      CONFIGURATION |
|---|-----------------------------|

| a) | CFM56-5B5/3      propulsion system |
|----|------------------------------------|

| b) | IAE      V2522-A5 propulsion system |
|----|-------------------------------------|

| 2 | GUARANTEED      PERFORMANCE |
|---|-----------------------------|

| 2.1 | Take-off Field      Length |
|-----|----------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| 2.2 | Second Segment      Climb |
|-----|---------------------------|

| 2.3 | Landing Field      Length |
|-----|---------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| 2.4 | Cruise Specific Air      Range |
|-----|--------------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| PA      A320 CSN 2009 | LA5A   | Page      2/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 3 | MANUFACTURER'S WEIGHT      EMPTY |
|---|----------------------------------|

|  | A319-100      CFM56-5B5/3 | *** |
|--|---------------------------|-----|

|  | A319-100      V2522-A5 | *** |
|--|------------------------|-----|

| 4 | GUARANTEE      CONDITIONS |
|---|---------------------------|

| 4.1 | The      performance certification requirements for the Aircraft, except where      otherwise noted, will be as stated in Section 02 of the Standard      Specification. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | For      the determination of JAR take-off and landing performance a hard dry level      runway surface with no runway strength limitations, no line-up allowances,      no obstacles, zero wind, atmosphere according to ISA, except as otherwise      noted, and the use of speed brakes, flaps, landing gear and engines in the      conditions liable to provide the best results will be    assumed. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.1 | When      establishing take-off and second segment performance no air will be bled      from the engines for cabin air conditioning or  anti-icing. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Climb,      cruise and descent performance associated with the Guarantees will include      allowances for normal electrical load and for normal engine air bleed and      power extraction associated with maximum cabin differential pressure as      defined in Section 21-30.31 of the Specification. Cabin air conditioning      management during performance demonstration as described in Subparagraph      5.3 below may be such as to optimize the Aircraft performance while      meeting the minimum air conditioning requirements defined above. Unless      otherwise stated no air will be bled from the engines for      anti-icing. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | The      engines will be operated using not more than the engine manufacturer's      maximum recommended outputs for take-off, maximum go-round, maximum      continuous, maximum climb and cruise for normal  operation. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Where      applicable the Guarantees assume the use of an approved fuel having a      density of *** and a lower heating value of ***. Cruise performance assume      a centre of gravity position of***. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | GUARANTEE      COMPLIANCE |
|---|---------------------------|

| 5.1 | Compliance      with the Guarantees shall be demonstrated using operating procedures and      limitations in accordance with those defined by the certifying      Airworthiness Authority and by the Seller unless otherwise      stated. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Compliance      with the take-off, second segment and landing elements of the Guarantees      will be demonstrated with reference to the JAA approved Flight      Manual. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| PA      A320 CSN 2009 | LA5A   | Page      3/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 5.3 | Compliance      with those parts of the Guarantees defined in paragraph 2 above not      covered by the requirements of the certifying Airworthiness Authority      shall be demonstrated by calculation based on data obtained during flight      tests conducted on one (or more, at the Seller's discretion) A319-100      aircraft of the same aerodynamic configuration as the Aircraft purchased      by the Buyer and incorporated in the In-Flight Performance Program and      data bases ("the IFP") appropriate to the  Aircraft. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Compliance      with the Manufacturer's Weight Empty guarantees defined in Paragraph 3      shall be demonstrated with reference to a Weight Compliance      Report. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Data      derived from tests will be adjusted as required using conventional methods      of correction, interpolation or extrapolation in accordance with      established aeronautical practices to show compliance with the      Guarantees. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | Compliance      with the Guarantees is not contingent on engine performance defined in the      engine manufacturer'sspecification. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | The      Seller undertakes to furnish the Buyer with a report or reports      demonstrating compliance with the Guarantees at, or as soon as possible      after, the delivery of each of the Buyer’s  Aircraft. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | ADJUSTMENT OF      GUARANTEES |
|---|-------------------------------|

| 6.1 | In      the event of any change to any law, governmental regulation or requirement      or interpretation thereof ("Rule Change") by any governmental agency made      subsequent to the date of the Agreement and such rule change affects the      Aircraft configuration or performance or both required to obtain      certification the Guarantees shall be appropriately modified to reflect      the effect of any such change. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The      Guarantees apply to the Aircraft as described in paragraph 1 of this      Letter Agreement and may be adjusted in the event  of: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Any      further configuration change which is the subject of a  SCN |
|--------|-----|----------------------------------------------------------------------|

|   | (ii) | Variation      in actual weights of items defined in Section 13-10 of the Standard      Specification |
|--------|------|-------------------------------------------------------------------------------------------------------|

|   | (iii) | Changes      required to obtain certification that cause modifications to the      performance or weight of theAircraft |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

| 7 | EXCLUSIVE      GUARANTEES |
|---|---------------------------|

| PA      A320 CSN 2009 | LA5A   | Page      4/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 8 | *** |
|---|-----|

| 9. | ASSIGNMENT |
|----|------------|

| 10. | CONFIDENTIALITY |
|-----|-----------------|

| PA      A320 CSN 2009 | LA5A   | Page      5/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |   | Agreed      and Accepted   |
|--------------------------------------------|--------|----------------------------|
|                                       |   |                       |
| For      and on behalf of:                 |   | For      and on behalf of: |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES               |   | AIRBUS      S.A.S.         |
|                                       |   |                       |
| COMPANY      LIMITED                       |   |                       |
|                                       |   |                       |   |   |
| Name:                            |   |                       | Name:   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       | Title: |   |
|                                       |   |                       |   |   |
| Witnessed      and acknowledged,           |   |                       |
|                                       |   |                       |
| For      and on behalf of                  |   |                       |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |   |                       |
|                                       |   |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |                       |
|                                       |   |                       |   |   |
| Name:                                      |   |                       |   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       |   |   |

| PA      A320 CSN 2009 | LA5A   | Page      6/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA5B   | Page      1/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 1 | AIRCRAFT      CONFIGURATION |
|---|-----------------------------|

|   |        a) | CFM56-5B4/3      propulsion system |
|--------|----------------|------------------------------------|

|   |        b) | IAE      V2527-A5 propulsion system |
|--------|----------------|-------------------------------------|

| 2 | GUARANTEED      PERFORMANCE |
|---|-----------------------------|

| 2.1 | Take-off Field      Length |
|-----|----------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| 2.2 | Second Segment      Climb |
|-----|---------------------------|

| 2.3 | Landing Field      Length |
|-----|---------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| 2.4 | Cruise Specific Air      Range |
|-----|--------------------------------|

|    | Gross      Weight (kg) | Pressure      Altitude (ft) |
|--------------|------------------------|-----------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| PA      A320 CSN 2009 | LA5B   | Page      2/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 3 | MANUFACTURER'S WEIGHT      EMPTY |
|---|----------------------------------|

|   | A320-200      CFM56-5B4/3 | *** |
|--------|---------------------------|-----|

|   | A320-200      V2527-A5 | *** |
|--------|------------------------|-----|

| 4 | GUARANTEE      CONDITIONS |
|---|---------------------------|

| 4.1 | The      performance certification requirements for the Aircraft, except where      otherwise noted, will be as stated in Section 02 of the Standard      Specification. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | For      the determination of JAR take-off and landing performance a hard dry level      runway surface with no runway strength limitations, no line-up allowances,      no obstacles, zero wind, atmosphere according to ISA, except as otherwise      noted, and the use of speed brakes, flaps, landing gear and engines in the      conditions liable to provide the best results will be    assumed. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.1 | When      establishing take-off and second segment performance no air will be bled      from the engines for cabin air conditioning or  anti-icing. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Climb,      cruise and descent performance associated with the Guarantees will include      allowances for normal electrical load and for normal engine air bleed and      power extraction associated with maximum cabin differential pressure as      defined in Section 21-30.31 of the Specification. Cabin air conditioning      management during performance demonstration as described in Subparagraph      5.3 below may be such as to optimize the Aircraft performance while      meeting the minimum air conditioning requirements defined above. Unless      otherwise stated no air will be bled from the engines for      anti-icing. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | The      engines will be operated using not more than the engine manufacturer's      maximum recommended outputs for take-off, maximum go-round, maximum      continuous, maximum climb and cruise for normal  operation. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Where      applicable the Guarantees assume the use of an approved fuel having a      density of *** and a lower heating value of ***. Cruise performance assume      a centre of gravity position of***. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | GUARANTEE      COMPLIANCE |
|---|---------------------------|

| 5.1 | Compliance      with the Guarantees shall be demonstrated using operating procedures and      limitations in accordance with those defined by the certifying      Airworthiness Authority and by the Seller unless otherwise      stated. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Compliance      with the take-off, second segment and landing elements of the Guarantees      will be demonstrated with reference to the JAA approved Flight      Manual. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| PA      A320 CSN 2009 | LA5B   | Page      3/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 5.3 | Compliance      with those parts of the Guarantees defined in paragraph 2 above not      covered by the requirements of the certifying Airworthiness Authority      shall be demonstrated by calculation based on data obtained during flight      tests conducted on one (or more, at the Seller's discretion) A320-200      aircraft of the same aerodynamic configuration as the Aircraft purchased      by the Buyer and incorporated in the In-Flight Performance Program and      data bases ("the IFP") appropriate to the  Aircraft. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Compliance      with the Manufacturer's Weight Empty guarantees defined in Paragraph 3      shall be demonstrated with reference to a Weight Compliance      Report. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Data      derived from tests will be adjusted as required using conventional methods      of correction, interpolation or extrapolation in accordance with      established aeronautical practices to show compliance with the      Guarantees. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | Compliance      with the Guarantees is not contingent on engine performance defined in the      engine manufacturer'sspecification. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | The      Seller undertakes to furnish the Buyer with a report or reports      demonstrating compliance with the Guarantees at, or as soon as possible      after, the delivery of each of the Buyer’s  Aircraft. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | ADJUSTMENT OF      GUARANTEES |
|---|-------------------------------|

| 6.1 | In      the event of any change to any law, governmental regulation or requirement      or interpretation thereof ("Rule Change") by any governmental agency made      subsequent to the date of the Agreement and such rule change affects the      Aircraft configuration or performance or both required to obtain      certification the Guarantees shall be appropriately modified to reflect      the effect of any such change. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The      Guarantees apply to the Aircraft as described in paragraph 1 of this      Letter Agreement and may be adjusted in the event  of: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Any      further configuration change which is the subject of a  SCN |
|--------|-----|----------------------------------------------------------------------|

|   | (ii) | Variation      in actual weights of items defined in Section 13-10 of the Standard      Specification |
|--------|------|-------------------------------------------------------------------------------------------------------|

|   | (iii) | Changes      required to obtain certification that cause modifications to the      performance or weight of theAircraft |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

| 7 | EXCLUSIVE      GUARANTEES |
|---|---------------------------|

| PA      A320 CSN 2009 | LA5B   | Page      4/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 8 | *** |
|---|-----|

| 9. | ASSIGNMENT |
|----|------------|

| 10. | CONFIDENTIALITY |
|-----|-----------------|

| PA      A320 CSN 2009 | LA5B   | Page      5/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |   | Agreed      and Accepted   |
|--------------------------------------------|--------|----------------------------|
|                                       |   |                       |
| For      and on behalf of:                 |   | For      and on behalf of: |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES               |   | AIRBUS      S.A.S.         |
|                                       |   |                       |   |
| COMPANY      LIMITED                       |   |                       |   |
|                                       |   |                       |   |   |
| Name:                            |   |                       | Name:   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       | Title: |   |
|                                       |   |                       |   |   |
| Witnessed      and acknowledged,           |   |                       |
|                                       |   |                       |
| For      and on behalf of                  |   |                       |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |   |                       |
|                                       |   |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |                       |
|                                       |   |                       |   |   |
| Name:                                      |   |                       |   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       |   |   |

| PA      A320 CSN 2009 | LA5B   | Page      6/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA5C   | Page      1/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 1 | AIRCRAFT      CONFIGURATION |
|---|-----------------------------|

|   |  a) | CFM56-5B3/3      propulsion system |
|--------|----------|------------------------------------|

|   |  b) | IAE      V2533-A5 propulsion system |
|--------|----------|-------------------------------------|

| 2 | GUARANTEED      PERFORMANCE |
|---|-----------------------------|

| 2.1 | Take-off Field      Length |
|-----|----------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| 2.2 | Second Segment      Climb |
|-----|---------------------------|

| 2.3 | Landing Field      Length |
|-----|---------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| 2.4 | Cruise Specific Air      Range |
|-----|--------------------------------|

|    | Gross      Weight (kg) | Pressure      Altitude (ft) |
|--------------|------------------------|-----------------------------|

|   |        a) | for      CFM: | *** |
|--------|----------------|---------------|-----|

|   |        b) | for      IAE: | *** |
|--------|----------------|---------------|-----|

| PA      A320 CSN 2009 | LA5C   | Page      2/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 3 | MANUFACTURER'S WEIGHT      EMPTY |
|---|----------------------------------|

|   | A321-200      CFM56-5B3/3 | *** |
|--------|---------------------------|-----|

|   | A321-200      V2533-A5 | *** |
|--------|------------------------|-----|

| 4 | GUARANTEE      CONDITIONS |
|---|---------------------------|

| 4.1 | The      performance certification requirements for the Aircraft, except where      otherwise noted, will be as stated in Section 02 of the Standard      Specification. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | For      the determination of JAR take-off and landing performance a hard dry level      runway surface with no runway strength limitations, no line-up allowances,      no obstacles, zero wind, atmosphere according to ISA, except as otherwise      noted, and the use of speed brakes, flaps, landing gear and engines in the      conditions liable to provide the best results will be    assumed. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.1 | When      establishing take-off and second segment performance no air will be bled      from the engines for cabin air conditioning or  anti-icing. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Climb,      cruise and descent performance associated with the Guarantees will include      allowances for normal electrical load and for normal engine air bleed and      power extraction associated with maximum cabin differential pressure as      defined in Section 21-30.31 of the Specification. Cabin air conditioning      management during performance demonstration as described in Subparagraph      5.3 below may be such as to optimize the Aircraft performance while      meeting the minimum air conditioning requirements defined above. Unless      otherwise stated no air will be bled from the engines for      anti-icing. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | The      engines will be operated using not more than the engine manufacturer's      maximum recommended outputs for take-off, maximum go-round, maximum      continuous, maximum climb and cruise for normal  operation. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Where      applicable the Guarantees assume the use of an approved fuel having a      density of *** and a lower heating value of ***. Cruise performance assume      a centre of gravity position of***. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | GUARANTEE      COMPLIANCE |
|---|---------------------------|

| 5.1 | Compliance      with the Guarantees shall be demonstrated using operating procedures and      limitations in accordance with those defined by the certifying      Airworthiness Authority and by the Seller unless otherwise      stated. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Compliance      with the take-off, second segment and landing elements of the Guarantees      will be demonstrated with reference to the JAA approved Flight      Manual. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| PA      A320 CSN 2009 | LA5C   | Page      3/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 5.3 | Compliance      with those parts of the Guarantees defined in paragraph 2 above not      covered by the requirements of the certifying Airworthiness Authority      shall be demonstrated by calculation based on data obtained during flight      tests conducted on one (or more, at the Seller's discretion) A321-200      aircraft of the same aerodynamic configuration as the Aircraft purchased      by the Buyer and incorporated in the In-Flight Performance Program and      data bases ("the IFP") appropriate to the  Aircraft. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Compliance      with the Manufacturer's Weight Empty guarantees defined in Paragraph 3      shall be demonstrated with reference to a Weight Compliance      Report. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | Data      derived from tests will be adjusted as required using conventional methods      of correction, interpolation or extrapolation in accordance with      established aeronautical practices to show compliance with the      Guarantees. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | Compliance      with the Guarantees is not contingent on engine performance defined in the      engine manufacturer'sspecification. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | The      Seller undertakes to furnish the Buyer with a report or reports      demonstrating compliance with the Guarantees at, or as soon as possible      after, the delivery of each of the Buyer’s  Aircraft. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | ADJUSTMENT OF      GUARANTEES |
|---|-------------------------------|

| 6.1 | In      the event of any change to any law, governmental regulation or requirement      or interpretation thereof ("Rule Change") by any governmental agency made      subsequent to the date of the Agreement and such rule change affects the      Aircraft configuration or performance or both required to obtain      certification the Guarantees shall be appropriately modified to reflect      the effect of any such change. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The      Guarantees apply to the Aircraft as described in paragraph 1 of this      Letter Agreement and may be adjusted in the event  of: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|    | (i) | Any      further configuration change which is the subject of a  SCN |
|--------------|-----|----------------------------------------------------------------------|

|   | (ii) | Variation      in actual weights of items defined in Section 13-10 of the Standard      Specification |
|--------|------|-------------------------------------------------------------------------------------------------------|

|   | (iii) | Changes      required to obtain certification that cause modifications to the      performance or weight of theAircraft |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

| 7 | EXCLUSIVE      GUARANTEES |
|---|---------------------------|

| PA      A320 CSN 2009 | LA5C   | Page      4/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

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| 8 | *** |
|---|-----|

| 9. | ASSIGNMENT |
|----|------------|

| 10. | CONFIDENTIALITY |
|-----|-----------------|

| PA      A320 CSN 2009 | LA5C   | Page      5/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

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| Agreed      and Accepted                   |   | Agreed      and Accepted   |
|--------------------------------------------|--------|----------------------------|
|                                       |   |                       |
| For      and on behalf of:                 |   | For      and on behalf of: |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES               |   | AIRBUS      S.A.S.         |
|                                       |   |                       |   |
| COMPANY      LIMITED                       |   |                       |   |
|                                       |   |                       |   |   |
| Name:                            |   |                       | Name:   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       | Title: |   |
|                                       |   |                       |   |   |
| Witnessed      and acknowledged,           |   |                       |
|                                       |   |                       |
| For      and on behalf of                  |   |                       |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |   |                       |
|                                       |   |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |                       |
|                                       |   |                       |   |   |
| Name:                                      |   |                       |   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       |   |   |

| PA      A320 CSN 2009 | LA5C   | Page      6/6                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

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| PA      A320 CSN 2009 | LA6    | Page      1/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

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| 1. | Clause 5 of the      AGTA |
|----|---------------------------|

| 2. | Clause 7 of the      AGTA |
|----|---------------------------|

| 3. | Clause 10 of the      AGTA |
|----|----------------------------|

| 4. | Clause 18 of the      AGTA |
|----|----------------------------|

| 5. | Clause 6 of the      Purchase Agreement |
|----|-----------------------------------------|

| PA      A320 CSN 2009 | LA6    | Page      2/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 6. | Assignment |
|----|------------|

| 7. | Confidentiality |
|----|-----------------|

| PA      A320 CSN 2009 | LA6    | Page      3/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |   | Agreed      and Accepted   |
|--------------------------------------------|--------|----------------------------|
|                                       |   |                       |
| For      and on behalf of:                 |   | For      and on behalf of: |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES               |   | AIRBUS      S.A.S.         |
| COMPANY      LIMITED                       |   |                       |   |
|                                       |   |                       |   |   |
| Name:                            |   |                       | Name:   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       | Title: |   |
|                                       |   |                       |   |   |
| Witnessed      and acknowledged,           |   |                       |
|                                       |   |                       |
| For      and on behalf of                  |   |                       |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |   |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |                       |
|                                       |   |                       |   |   |
| Name:                                      |   |                       |   |   |
|                                       |   |                       |   |   |
| Title:                                     |   |                       |   |   |

| PA      A320 CSN 2009 | LA6    | Page      4/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA7    | Page      1/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 1. | Clause 14 of the      AGTA |
|----|----------------------------|

| 1.1 | With      respect only to the Aircraft purchased under the Purchase Agreement, the      Parties agree that clause 14.4.3.1 of the AGTA shall be deleted in its      entirety and replaced by thefollowing: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | QUOTE                         |
|--------|-------------------------------|
|   | 14.4.3.1        *** |
|   | UNQUOTE                       |

| 1.2 | With      respect only to the Aircraft purchased under the Purchase Agreement, the      Parties agree that clause 14.6 of the AGTA shall be deleted in its      entirety and replaced by thefollowing: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | QUOTE                     |
|--------|---------------------------|
|   | 14.6        *** |
|   | QUOTE                     |

| 1.3 | With      respect only to the Aircraft purchased under the Purchase Agreement, the      Parties agree to add the following paragraph at to clause 14.9.3 of the      AGTA: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | QUOTE     |
|--------|-----------|
|   | ***  |
|   | UNQUOTE   |

| 2. | Exhibit H of the      AGTA |
|----|----------------------------|

| 2.1 | With      respect only to the Aircraft purchased under the Purchase Agreement, the      Parties agree to add the following clauses to Exhibit H of the      AGTA: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | QUOTE |   |
|--------|-------|--------|

|   | 3.1.4      *** |
|--------|----------------|

|   | 3.1.4.1      *** |
|--------|------------------|

|   | 3.1.4.2      *** |
|--------|------------------|
|   | UNQUOTE     |

| 2.2 | With      respect only to the Aircraft purchased under the Purchase Agreement, the      Parties agree to add the following clause 4.2.2 to Exhibit H of the      AGTA: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | QUOTE     |
|--------|----------------|
|   | 4.2.2      *** |
|   | UNQUOTE   |

| 3.     | Operational      visit |
|--------|------------------------|
|   |                   |
|   | ***                    |

| PA      A320 CSN 2009 | LA7    | Page      2/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 4. | Flight Operations      Review |
|----|-------------------------------|

|   | *** |
|--------|-----|

| 5. | CBT Revision      service |
|----|---------------------------|

|   | The      Airbus Advanced Computer Based Training (“Airbus Advanced CBT”) in      use at the Seller’s Training Centers are revised on a regular basis and      such revision shall be provided to the Buyer*** |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.     | Training      Allowance                                                                                                                   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                      |
|   | Pursuant      to Clause 2 and 3 of Appendix A to Clause 16 of the AGTA,    ***                                                       |
|   |                                                                                                                                      |
|   | Such      trainee-days shall be used solely for the above courses, as defined in the      Seller's applicable Training Courses Catalogue. |
|   |                                                                                                                                      |
|   | Within such trainee-day allowance, the number      of Engine Run-up courses shall be limited to  ***.                                |

| 7. | Assignment |
|----|------------|

|   | Notwithstanding      any other provision of this Letter Agreement, the AGTA or the      Purchase Agreement, this Letter Agreement and the rights and obligations      of the Buyer herein shall not be assigned or transferred in any manner,      and any attempted assignment or transfer in contravention of the      provisions of this Clause shall be void and of no force or      effect. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Confidentiality |
|----|-----------------|

|   | This      Letter Agreement (and its existence) or any data exchanged between      the Buyer and the Seller for the fulfillment of their respective      obligations under this Letter Agreement shall be treated by both Parties      as confidential and shall not be released in whole or in part to any third      party except as may be required by law, or to auditors, legal or tax      advisors for the purpose of implementation  hereof. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| PA      A320 CSN 2009 | LA7    | Page      3/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted     |                     | Agreed      and Accepted   |
|------------------------------|--------------------------|----------------------------|
|                         |                     |                       |
| For      and on behalf of:   |                     | For      and on behalf of: |
|                         |                     |                       |
| CHINA      SOUTHERN AIRLINES |                     | AIRBUS      S.A.S.         |
| COMPANY      LIMITED         |                     |                       |
|                         |                     |                       |   |
| Name:                        |      |                       | Name: |      |
|                         |                     |                       |   |
| Title:                       |      |                       | Title: |      |

| Witnessed      and acknowledged,           |
|--------------------------------------------|
|                                       |
| For      and on behalf of                  |
|                                       |
| CHINA      SOUTHERN AIRLINES GROUP         |
| IMPORT      AND EXPORT TRADING CORP., LTD. |
|                                       |   |
| Name:                                      |      |   |
|                                       |   |
| Title:                                     |      |   |

| PA      A320 CSN 2009 | LA7    | Page      4/4                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | LA8    | Page      1/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| 2. | Assignment |
|----|------------|

| 3. | Confidentiality |
|----|-----------------|

| PA      A320 CSN 2009 | LA8    | Page      2/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |   | Agreed      and Accepted   |
|--------------------------------------------|--------|----------------------------|
|                                       |   |                       |
| For      and on behalf of:                 |   | For      and on behalf of: |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES               |   | AIRBUS      S.A.S.         |
| COMPANY      LIMITED                       |   |                       |
|                                       |   |                       |
| Name:                                      |   |                       | Name: |   |
|                                       |   |                       |
| Title:                                     |   |                       | Title: |   |
|                                       |   |                       |
| Witnessed      and acknowledged,           |   |                       |
|                                       |   |                       |
| For      and on behalf of                  |   |                       |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |   |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |                       |
|                                       |   |                       |
| Name:                                      |   |                       |   |
|                                       |   |                       |
| Title:                                     |   |                       |   |

| PA      A320 CSN 2009 | LA8    | Page      3/3                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | SL1    | Page      1/2                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted     |               | Agreed      and Accepted   |
|------------------------------|--------------------|----------------------------|
|                         |               |                       |
| For      and on behalf of:   |               | For      and on behalf of: |
|                         |               |                       |
| CHINA      SOUTHERN AIRLINES |               | AIRBUS      S.A.S.         |
| COMPANY      LIMITED         |               |                       |
|                         |               |                       |
| Name:                        |     |                       | Name: |     |
|                         |               |                       |   |
| Title:                       |     |                       | Title: |     |

| Witnessed      and acknowledged,           |               |
|--------------------------------------------|--------------------|
|                                       |               |
| For      and on behalf of                  |               |
|                                       |               |
| CHINA      SOUTHERN AIRLINES GROUP         |               |
| IMPORT      AND EXPORT TRADING CORP., LTD. |               |
|                                       |               |
| Name:                                      |     |   |
|                                       |               |   |
| Title:                                     |     |   |

| PA      A320 CSN 2009 | SL1    | Page      2/2                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | SL2    | Page      1/2                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |               | Agreed      and Accepted   |
|--------------------------------------------|--------------------|----------------------------|
|                                       |               |                       |
| For      and on behalf of:                 |               | For      and on behalf of: |
|                                       |               |                       |
| CHINA      SOUTHERN AIRLINES               | AIRBUS      S.A.S. |
| COMPANY      LIMITED                       |               |
|                                       |               |                       |
| Name:                                 |               |                       | Name:  |   |
|                                       |               |                       |   |   |
| Title:                                     |               |                       | Title: |   |
|                                       |               |                       |   |
| Witnessed      and acknowledged,           |               |                       |   |
|                                       |               |                       |   |
| For      and on behalf of                  |               |                       |   |
|                                       |               |                       |   |
| CHINA      SOUTHERN AIRLINES GROUP         |
| IMPORT      AND EXPORT TRADING CORP., LTD. |
|                                       |               |                       |   |
| Name:                                 |               |                       |   |   |
|                                       |               |                       |   |   |
| Title:                                     |               |                       |   |   |

| PA      A320 CSN 2009 | SL2    | Page      2/2                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| PA      A320 CSN 2009 | SL3    | Page      1/2                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |   | Agreed      and Accepted   |
|--------------------------------------------|--------|----------------------------|
|                                       |   |                       |
| For      and on behalf of:                 |   | For      and on behalf of: |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES               |   | AIRBUS      S.A.S.         |
| COMPANY      LIMITED                       |   |                       |
|                                       |   |                       |
| Name:                                      |   |                       | Name: |   |
|                                       |   |                       |
| Title:                                     |   |                       | Title: |   |
|                                       |   |                       |
| Witnessed      and acknowledged,           |   |                       |
|                                       |   |                       |
| For      and on behalf of                  |   |                       |
|                                       |   |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |   |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |   |                       |
|                                       |   |                       |
| Name:                                      |   |                       |   |
|                                       |   |                       |
| Title:                                     |   |                       |   |

| PA      A320 CSN 2009 | SL3    | Page      2/2                  |
|-----------------------|--------|--------------------------------|
| CT0803292             |   | Private      &Confidential |

----

| PA      A320 CSN 2009 | SL4    | Page      1/2                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----

| Agreed      and Accepted                   |                    | Agreed      and Accepted   |
|--------------------------------------------|--------------------------------------------------------------------------------------------------------------|----------------------------|
|                                       |                                                                                                         |                       |
| For      and on behalf of:                 |                                                                                                         | For      and on behalf of: |
|                                       |                                                                                                         |                       |
| CHINA      SOUTHERN AIRLINES               |                                                                                                         | AIRBUS      S.A.S.         |
| COMPANY      LIMITED                       |                                                                                                         |                       |
|                                       |                                                                                                         |                       |
| Name:                                      |                                                                                                         |                       | Name: |   |
|                                       |                                                                                                         |                       |
| Title:                                     |                                                                                                         |                       | Title: |   |
|                                       |                                                                                                         |                       |
| Witnessed      and acknowledged,           |                                                                                                         |                       |
|                                       |                                                                                                         |                       |
| For      and on behalf of                  |                                                                                                         |                       |
|                                       |                                                                                                         |                       |
| CHINA      SOUTHERN AIRLINES GROUP         |                                                                                                         |                       |
| IMPORT      AND EXPORT TRADING CORP., LTD. |                                                                                                         |                       |
|                                       |                                                                                                         |                       |
| Name:                                      |                                                                                                         |                       |   |
|                                       |                                                                                                         |                       |
| Title:                                     |                                                                                                         |                       |   |

| PA      A320 CSN 2009 | SL4    | Page      2/2                   |
|-----------------------|--------|---------------------------------|
| CT0803292             |   | Private      & Confidential |

----